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Changes to notify HMRC in respect of your money Laundering Registration

By the HMRC

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How to report changes in your business to HM Revenue and Customs (HMRC) and what to do if you want to cancel your registration.

Contents

1. Overview

2. Changes you should report to HMRC
3. Cancelling your registration
4. When to report changes
5. How to report a change
6. If you report changes after 30 days

Overview


You’ll need to tell HMRC about changes or inaccuracies in your registration details if your business is registered under the Money Laundering Regulations.


This guide tells you what changes in your business details you need to report, and how and when you should do so.


It also explains what to do if you want to cancel your registration.


Changes you should report to HMRC


You’ll need to notify HMRC if the details you’ve included in your application to register under the Money Laundering Regulations change or you discover that they’re incorrect. You must tell HMRC about changes:

• of address, trading name or telephone number
• to your business’s legal structure - for example if you used to be self-employed but now you’re a limited company
• of ownership of your business
• of the legal entity of the business owners, for example, if ownership changes from a partnership to a limited company
• of partners
• of ‘nominated officer’
• of franchise or agency status
• of personnel in your business who have ‘fit and proper’ status
• that affect a person’s fit and proper status so that they would no longer pass the fit and proper test

You should also tell HMRC about any:

• criminal convictions for money laundering offences in your business
• new or additional premises
• premises which should be de-registered because they’re no longer used for business activities covered by the Money Laundering Regulations

Cancelling your registration


You should notify HMRC if your business activities change so that you no longer need to be registered under the Money Laundering Regulations. HMRC will de-register your business.


When to report changes


You must report any changes in your registration details to HMRC within 30 days of a change taking place. If you’re reporting something that’s incorrect in your details you should do this within 30 days of discovering the mistake.


How to report a change


You should complete a ‘reporting changes’ form MLR RCT1. This form needs to be printed and a paper copy sent to HMRC.

You should also send a letter if you want to cancel your registration. Include your Money Laundering Regulations registration number and the date when you want your registration to be cancelled.

Send your MLR RCT1 forms and cancellation letters to:


HM Revenue and Customs - Anti Money Laundering Supervision

Alexander House
21 Victoria Avenue
Southend-on-Sea
SS99 1AG

You can’t transfer a registration from one legal entity to another. If there is a change - for example, if the ownership of the business changes hands - the new owner has to register with HMRC and the previous owner has to cancel their registration.


A further application charge will not be charged if the new legal entity is made up of the exact same people as the previous one.


If you report changes after 30 days


You may have to pay a penalty unless HMRC has agreed that you can take longer than usual to report changes. You should contact HMRC as soon as possible if you need more than 30 days.