This draft legislation amends HMRC’s data-gathering powers to Money Service Businesses which provide money transfer, cheque cashing and currency exchange services.
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The new category of data-holder is Money Service Businesses, from whom an officer of HM Revenue and Customs (HMRC) may require data relating to the transactions they conduct, information to facilitate identification of customers and beneficial owners other than the customer, and records required to be kept by these businesses under the Money Laundering Regulations (S.I. 2007/2157).
A tax information and impact note covering this instrument was published on 5 December 2016 alongside legislation to introduce the new category of data-holder to Schedule 23 to the Finance Act 2011 (c. 11). It remains an accurate summary of the impacts that apply to this instrument.
John Tully from HMRC, Telephone: 03000 586567 or email: firstname.lastname@example.org can answer any queries regarding the instrument.