What does the anti-money laundering regime require?
The anti-money laundering regime requires that certain businesses/service providers put systems in place to prevent money laundering and to report any suspicious transactions to the Serious Organised Crime Agency (SOCA). The key parts of the anti-money laundering system are: • Registration with HMRC: in addition to registration, businesses are required to pay an annual fee to HMRC. Certain businesses, including TCSPs, must also complete the “fit and proper” requirements. By 1 April 2008, a TCSP must pay the relevant fee to: • Register with HMRC; and • Apply to pass a “fit and proper test” which will check individuals against a number of objective criteria. • Customer due diligence: businesses must identify and verify the identity of their customers as well as obtaining information on the purpose and intended nature of the business relationship. Due diligence must be applied at the start of the relationship, where the business suspects the customer of money laundering and at various oth
