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HMRC internal manual

MLR1 Penalties Guidance

Penalties guidance: glossary: G to P

Gross Profit Turnover less direct costs.
HMRC Her Majesties Revenue and Customs.
HVD High Value Dealer.
Intervention A written, telephone or face to face enquiry by Compliance Officers.
ML Money Laundering.
MLR IU Money Laundering Regulations Intelligence Unit
MLR 2007 Money Laundering Regulations 2007.
ML/TF Money laundering and terrorist financing.
MSB Money Service Business.
Officers Officers of HMRC.
Parallel Breach A breach of both the 2003 and 2007 Regulations.
Payments Regulation European Regulations for Money Transmitters. The UK Transfer of Funds (Information on the payer) Regulations 2007 empower us to issue penalties or prosecute for breaches of the Payments Regulation.
Penalty Notice A letter notifying a business or relevant individual within a business about a penalty.
PY Previous year.