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HMRC internal manual

Money Laundering Regulations: Registration

The Scope of Money Laundering Regulations: Registration: Purpose of Supervision and Registration

Under the regulations all relevant businesses have a supervisor. Their duties are outlined in regulation 46. We are responsible for supervising the businesses that are required to register with us under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017

This means that we must:

  • Help businesses to understand anti-money laundering legislation
  • Encourage them to comply with anti-money laundering legislation
  • Make them aware of any simplified procedures and encourage their use.

Registration of MSBs, TCSPs, HVDs, ASPs, EABs, BPSPs and TDITPSPs helps us to:

  • Identify the businesses so that we can supervise them effectively and review their risk assessments and policies, controls and procedures
  • Gather information to risk assess the sectors and take a risk based approach to focus our resources where they will be most needed
  • Collect the fee to cover our costs in supervising businesses, including producing guidance and information and checking compliance
  • Contact businesses to provide information and advice in a way that enables businesses to have effective anti money laundering controls.
  • Provide law enforcement authorities with information on the businesses we supervise.