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HMRC internal manual

Money Laundering Regulations: Compliance

Legislation: Business sectors supervised by HMRC: Introduction

The Regulations appoint HMRC as the supervisor for certain categories of business.

Under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 HMRC is the supervisory body for:

Money Service Businesses (MSBs) i.e.

  • Bureaux De Change
  • Money Transmitters
  • Cheque Cashers

(other than those who are already supervised by the Financial Conduct Authority).

HMRC also supervise Annexe 1 financial institutions such as suppliers of safe custody services and consumer credit institutions such as pawnbrokers when carried out by MSBs supervised by us.

High Value Dealers (HVDs) i.e.

Businesses prepared to accept or make high value payments. A high value payment (HVP) is a payment of at least €10,000 (or equivalent in any currency) in cash for goods, whether it be in a single transaction or in several operations which appear to be linked. Examples of HVDs may include auctioneers, car dealers, jewellers, antique dealers etc.

Trust or Company Service Providers (TCSPs), unless they are already supervised by a professional body named in the regulations. TCSPs include:

  • Company formation agents
  • Registered office providers
  • Accommodation/ business address providers
  • Company secretary or director
  • Company service providers
  • Nominee service providers
  • Nominee shareholders
  • Professional Trustees

Accountancy Service Providers (ASPs), unless they are already supervised by one of the professional bodies named in the regulations. ASPs include:

  • Accountants
  • Auditors
  • Tax advisers
  • Bookkeepers
  • Payroll agents
  • Stock Auditors
  • Stock valuers
  • Customs practitioners

Estate Agency Businesses (EABs), mean a firm or a sole practitioner, who, or whose employees, carry out estate agency work. EABs include:

  • high street residential Estate Agency Businesses
  • commercial Estate Agency Businesses
  • property or land auctioneers
  • land agents
  • relocation agents, property finders, private acquisitions specialists
  • a sub-agent providing estate agency services to a principal Estate Agency Business
  • asset management businesses that also provide estate agency services
  • business brokers or transfer agents that broker the sale or transfer of client businesses to third parties, where property with a capital value is part of the transfer 
  • social housing associations that offer estate agency services
  • letting or property management agents that offer estate agency services to landlord customers
  • construction companies (house builders) with a sales offices at a construction site, who may be acting as an estate agency business if they offer additional estate agency services beyond the sale of their own construction units
  • in Scotland, a solicitors’ property centre

Telecommunication, digital and IT Payment Service Providers (ITPSPs), act as an intermediary between a payer and the supplier of goods and service. ITPSPs will have the following features:

  • the consent of the payer to make the payment is made by means of any type of telecommunication, digital or IT device
  • you receive the payment for transmission to the supplier of goods and services acting only as an intermediary between the payment service user and supplier
  • The devices in this definition include mobile telephones, laptop, desktop or tablet computers, interactive televisions or similar devices

Bill Payment Service Providers (BPSP), make their facilities available for the payment of utility bills or other household bills and are acting on behalf of the payer. Gas, electricity, water rates and sewage charges come within the definition of utility bills. Other household bill will include council tax payments and household insurance