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HMRC internal manual

Money Laundering Regulations: Registration

Introduction: By Way Of Business

It is important to remember that it is only when a person carries out relevant activities ‘by way of business,’ that they fall within the scope of the regulations and must then register.

In the case of High Value Dealers, if they accept a High Value Payment for goods that they sell commercially they are carrying out the activity by way of business. If they accept a High Value Payment for a private sale, this is not by way of business and they do not need to register

In the case of ASPs, TCSPs and MSBs most businesses will know if they are carrying out a relevant activity by way of business, but there may be some circumstances where they may not be sure.

It is only if they are in doubt, that they should consider the following questions:

  • Have you set up the business with the intention of undertaking relevant activity?
  • Do you advertise or publicise the provision of your relevant activity or receive referrals from other businesses?
  • Is the relevant activity carried out with a view to profit?
  • Is the relevant activity actively pursued with reasonable or recognisable continuity?

If the answer to all of these questions is ‘yes’, then they are carrying out the activity by way of business and they will need to register.

If the answer to all of these questions is no, then they are not carrying out the activity by way of business and they will therefore not need to register.

If they can only answer ‘no’ to some of these questions, and they are still unsure whether they are carrying out relevant activities by way of business, they should contact us by e-mail or in writing providing answers to all the questions above for a decision.

They can do this by emailing us at Enquiries.estn@hmrc.gsi.gov.uk

Or write to us at the following address:

Written Enquiries Team
10th Floor
Alexander House
Southend on Sea
SS99 1AG