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HMRC internal manual

Money Laundering Regulations: Compliance

Legislation: Evidence of ID required

Pawnbrokers as a minimum generally ask for evidence of address such as a gas bill or tenancy agreement within the last three months. Because of the minimum length of the credit agreement which is 6 months, all pawn brokers will have a business relationship with their customers and they may use the same registration process for pawn broking customers as for other MSB activities such as cheque cashing and bureau de change.

The ML risk is that the customer pledges stolen property. Most local Police forces have existing links with pawnbrokers and notify them of any easily identifiable items that may be pawned following robberies. Where the local police have the name of a suspect for a particular robbery they may contact the pawn broking business to see if the suspect has recently pawned goods.