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HMRC internal manual

Money Laundering Regulations: Registration

From
HM Revenue & Customs
Updated
, see all updates

Changes in Legislation: The Changes

The 2007 regulations:

  • extended HMRC supervision to include Trust or Company Service Providers that are not already supervised by FSA or a designated professional body, and Accountancy Service Providers that are not already supervised by a professional body named in the regulations; and
  • introduced a fit and proper test for Money Service Businesses and Trust or Company Service Providers.

Under the new Regulations we must refuse to register a money service business or trust or company service provider if we find that any of the individuals taking the test are not fit and proper. See MLR2R5000 

The individuals who must take the test include:

  • The applicant;
  • the people who direct the business
  • the owners; or
  • the Nominated Officer

The fit and proper test should help prevent these businesses being misused by their managers or owners, for money laundering or terrorist funding.