With effect from 25 July 2018, HMRC will charge additional administration fees for all anti-money laundering supervision penalties it issues to businesses for failing to comply with the money laundering regulations.
For the more serious compliance breaches, HMRC may charge an administration fee of up to £1,500 on top of the penalty. This will apply to failures involving:
customer due diligence;
risk assessment;
policies, controls and procedures; and
record keeping.
For routine matters, such as failure to register, notify HMRC of changes, or provide information, HMRC may charge up to £350 in addition to the penalty. See https://bit.ly/2OeewCs.
With effect from 25 July 2018, HMRC will charge additional administration fees for all anti-money laundering supervision penalties it issues to businesses for failing to comply with the money laundering regulations.
For the more serious compliance breaches, HMRC may charge an administration fee of up to £1,500 on top of the penalty. This will apply to failures involving:
customer due diligence;
risk assessment;
policies, controls and procedures; and
record keeping.
For routine matters, such as failure to register, notify HMRC of changes, or provide information, HMRC may charge up to £350 in addition to the penalty. See https://bit.ly/2OeewCs.
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