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HMRC internal manual

Money Laundering Regulations: Compliance

From
HM Revenue & Customs
Updated
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Appendix 7 Miscellaneous Guidance: Issuing a "satisfactory" letter following a compliance visit

Following a compliance visit at which the business is regarded as being fully compliant with MLR and which has been awarded a compliance score of “one” the visiting officer has the discretion of whether to issue a “satisfactory” letter to the business. The letter provides confirmation that the Visiting Officer is satisfied that, based on an inspection of the records sampled and explanations given during the visit, the business is complying with the requirements of the Money Laundering Regulations 2007.

It is not compulsory to issue a satisfactory letter but there are advantages in doing so.

* It provides assurance to compliant businesses and encourages continued compliance
* It fulfils our obligations under the regulator’s compliance code which provides that businesses should receive, where appropriate, positive feedback and should not be written to only when there are failings or weaknesses in their anti money laundering procedures.

If it is decided to issue a satisfactory letter a standard letter is available for this purpose and it must be used at all times. The standard letter, which is available in MICRA, has been approved by our Policy Team and our Solicitors Department. You should not devise or use your own version of a satisfactory letter as this could jeopardise future compliance action.