ECSH44875 - Annual refresh of supervision: what is it?
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 annual refresh of supervision is a two-stage process: a business must complete their annual declaration and pay their annual supervision fee.
Failure to complete both stages will lead to an auto-cancellation. For more information on auto-cancellation see ECSH48075.
Annual declaration
The business must check their registration information, make any updates required and submit the declaration to show the information is correct.
At this point, the annual premises fee will be raised on the system. A secure communication is also sent to advise the business what the fee will be. It will also be given the payment reference number to make payment.
Annual fee
The annual supervision fee is imposed under regulation 102 of The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
The business will pay a fee for each of their premises and must use the payment reference number to make payment.