Businesses are at risk as HMRC are to hand out additional admin charges which will apply to all penalties issued from Wednesday, July 25.
The UK’s tax authority – HMRC – almost doubled the fines it handed down for AML breaches in the last financial year.
Though the total number of penalties has reduced from 901 to 655 from 2017-18, revenue from fines has risen from £1.2m to £2.3m during the same period, as detailed by the Financial Times earlier this month.
HMRC oversees compliance within anti-money laundering markets including accounting firms, law, conveyancing and estate agents.
Whats more, a recent report from Property Industry Eye has detailed how those found to be in breach of anti-money regulation will not only be fined but also have to pay a ‘penalty administration charge.’
A failure to register or notify HMRC of changes to your business will result in a charge up to £350.
For compliance breaches, such as failing to keep your records updated or complete satisfactory customer due to diligence – the charge will be up to £1,500.
HMRC says that if it writes to a business regarding a penalty, it will include details of the administration charge as well as the penalty itself.
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