From 15 December 2007, the
Money Laundering Regulations 2007 require certain
businesses to have systems in place to prevent
money laundering and report suspicious transactions.
These regulations replace the previous ones
which have been in force since 2004.
Not all businesses have to operate the regulations
but most UK financial businesses (banks, building
societies, money transmitters, bureaux de change,
cheque cashers, savings and investment firms)
are covered. In addition, the regulations cover
legal professionals, accountants, tax advisers,
auditors, insolvency practitioners, estate
agents, casinos, high value dealers and trust
or company service providers.
If you operate in any of these areas you need
to ensure that you are complying with the new
regulations. If you have dealings with businesses
in these sectors, such as ourselves, you may
find you have to provide more information,
for example confirming your identity. We will
let you know if we require any further information.
HMRC have updated their guidance which can
be found by visiting the link below.
Internet link:
HMRC
Money Laundering guidance |
