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HMRC internal manual

Money Laundering Regulations: Compliance

Legislation: Business sectors supervised by HMRC: Introduction

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

Under the Money Laundering Regulations 2007 HMRC are the supervisory body for:

  • Money Service Businesses i.e.
  • Bureaux De Change
  • Money Transmitters
  • Cheque Cashers

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

High Value Dealers i.e.

Businesses prepared to accept high value payments. A high value payment (HVP) is a payment of at least €15,000 (or equivalent in any currency) in cash for goods, whether it be in a single transaction or in several instalments. Examples of HVDs may include auctioneers, car dealers, jewellers, antique dealers etc.

Trust or Company Service Providers, 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, 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

If you are not certain who is supervised by HMRC, more details can be found in our MLR9 Registration Notice

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.