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HMRC internal manual

Money Laundering Regulations: Compliance

From
HM Revenue & Customs
Updated
, see all updates

How our supervision is organised: Regional Compliance Teams

Regional Compliance Teams are responsible for:

  • Arranging visits to registered businesses to:

    • check the business has risk sensitive anti-money laundering policies and procedures in place
    • making sure they successfully manage and reduce the money laundering and terrorist financing risks faced by the business and
    • making sure the business is taking advantage of the simplified procedures

Teams will do this by:

  • checking that the information held on the HMRC register is correct
  • checking that the right people within MSBs and TCSPs have undergone the fit and proper test.
  • asking the business to explain how their risk sensitive anti-money laundering policies and procedures work.
  • testing and evaluating these policies and procedures for compliance with the requirements of the Regulations.
  • answering any questions the business has on their legal responsibilities under anti-money laundering legislation.
  • explaining any areas of concern and agree any action that the business needs to take.
  • putting in writing any action that the business needs to take and warning the business of any liability to penalties.
  • giving the business a reasonable time to provide any information and to put things right.
  • issuing penalties if the business does not take reasonable steps to follow our advice and guidance.