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HMRC internal manual

Money Laundering Regulations: Compliance

Dealing with non compliance: Penalty warnings

A warning letter is not a penalty, but will lead to penalties if the business fails to become compliant. The purpose of a warning letter is to advise a business about any breaches (for which we are not going to issue a financial penalty) failings or weaknesses that have been identified in its anti money laundering controls and procedures. It should provide details of what action they must take, or steps they should put in place, to ensure future compliance with the Regulations. Penalty warnings are explained fully in MLR 1