ECSH44875 - Annual refresh of supervision: what is it?
The annual refresh of supervision is a two-stage process: a business must complete their annual declaration and pay their annual declaration fee.
Failure to complete both stages will lead to an auto-cancellation. For more information on auto-cancellation see ECSH48075.
Annual declaration
A business with an existing registration with HMRC is required to submit a declaration each year using the sign in details they used when registering for anti-money laundering supervision.
The business must check their registration information, make any updates required and submit the declaration to show the information is correct.
Annual declaration fee
The business will pay an annual declaration fee which is made up of a fee for each of their premises. After submitting the annual declaration, the fee will be raised on the system and the business will be told what the fee will be, via secure communication. They will also be given the payment reference number which they must use to make payment.
The annual declaration fee is imposed under regulation 102 of The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.