Introduction: The scope and purpose of this guidance
This guidance is intended to provide information and advice about the principles and good practice that should be applied by HMRC staff involved in anti-money laundering compliance. It does not apply to any other compliance activity undertaken by HMRC.
This guidance is aimed primarily at HMRC staff and should not be relied upon by businesses that are supervised by us to help them comply with the requirements of the Regulations.
Businesses may however find this guidance useful in helping them to understand:
- The reasons why we may need to check if a business is compliant with the Regulations
- The range of checks we will need to carry out
- How we will carry out these checks
Officers will adopt a risk-based approach when checking how effectively businesses have assessed and reduced the risks they have identified within their business and complied with the requirements of anti money laundering legislation.
This guidance is effective from 26th of June 2017 and replaces the guidance for the 2001, 2003 and 2007 Regulations.
The Money Laundering, Terrorist financing and Transfer of Funds (Information on the Payer) Regulation 2017 is referred to throughout this guidance using the generic term “the Regulation”.
In line with other MLR supervisors, HMRC have adopted the principles of good regulation in the Regulators Code within this guidance.
Some sections of this guidance are exempt from release under the Freedom of Information Act 2000 and can not be viewed by the general public. The following message will be shown where this applies. “This text has been withheld because of exemptions in the Freedom of Information Act 2000”.