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HMRC internal manual

Money Laundering Regulations: Compliance

From
HM Revenue & Customs
Updated
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Legislation: Checking MSBs compliance with the MLRs 2007

If the business carries out annexe 1 financial activities, you should check that the business is not authorised by FSA. If the legal entity carrying out the annexe 1 financial activities is an FSA authorised business we will not supervise them for any annexe 1 financial activities or any money service business.

If you are satisfied that the business has correctly registered with HMRC, you should assess the risk posed by these annexe 1 financial activities as well as the MSB activities when identifying risk and planning any educational activity, or any checking or testing of the MSB’s systems, either desk based or by means of a visit, to ensure that resources are focused on areas of risk.

You must make sure that all the annexe 1 financial activities are:

• included in the business’s risk assessment of its products services and customers and

• covered by their anti money laundering systems and processes