| 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 |
