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:
- Tax advisers
- 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.