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HMRC internal manual

MLR1 Penalties Guidance

Penalties guidance: specific failings and breaches of the Counter Terrorism Act

Failure of the following requirements may be subject to civil penalties or criminal action:

  • Schedule 7 Part 3 Para 10 - requirement to apply appropriate enhanced customer due diligence measures with a designated person
  • Schedule 7 Part 3 Para 11 - requirement to apply appropriate enhanced ongoing monitoring of a business relationship with a designated person
  • Schedule 7 Part 3 Para 12 -requirement to carry out systematic reporting of transactions and business relationships with a designated person
  • Schedule 7 Part 3 Para 13 - requirement to limit or cease a transaction or business relationship with a designated person
  • Schedule 7 Part 4 Para 17 - requirement to meet the conditions imposed by a licence granted by HM Treasury which exempts certain acts from the requirements under Part 3 Para 13