UK: HMRC AML - new free useful tools! (updated 14th January 2019)
HMRC - Her Majesty's Revenue & Customs, issues new useful tools for AML compliance - Anti Money Laundering
With more than one-third of AIPP members based in the UK, it is vitally important that UK Estate Agents operating in the international property sector are fully compliant with HMRC regulations concerning AML.
We reported in May 2018 on the unfortunate case of an AIPP member fined a four-figure sum for non compliance with HMRC. This was not for breaching AML regulations, just for not being registered as such with HMRC.
To that end, HMRC occasionally publish advice and free online tools to assist companies in understanding their AML obligations and how to acquit themselves of their duties.
HMRC notified AIPP this week of their new AML online tools and we share these now:- access the free HMRC online tools via this link. No registration or information is needed to access the guide and it all looks very user-friendly.
UPDATE – 14th January 2019: HMRC have just advised us they have updated their guidance on who can be deemed a ‘fit and proper person’ responsible for AML within your company.
We speculate, but this could be a precursor to some further enforcement activity HMRC may be planning later this year – you have been warned!