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HMRC Letter re Changes to anti money laundering supervision fees

 

Dear customer,

We are writing to inform you of some changes to the fees charged for Anti Money Laundering Supervision (AMLS).

We regularly review our fees structure and are committed to keeping fees as low as possible to minimise the impact on registered businesses like yours.

The new Money Laundering Regulations (MLRs), introduced in June, placed a number of additional responsibilities on HMRC as an AMLS supervisor. We are therefore making some changes to ensure we maintain our effectiveness as a supervisor, helping to protect you from organised crime and terrorist financing. HMRC’s AMLS activity is funded by the fees received from registered businesses and we only charge sufficient fees to cover our operating costs.

The changes – what you need to know

HMRC is now required to carry out a new approvals test, checking key personnel for relevant criminal convictions. A charge of £40 per test will be introduced for this from 1 November 2017. This fee is only for businesses not previously subject to fit and proper testing, including Accountancy Service Providers (ASP), Estate Agency Businesses (EAB) and High Value Dealers (HVD). This is a lifetime fee and covers routine retesting.

The annual renewal fee for all businesses, will increase by £15 (from £115 to £130 per premises) from 1 De‌ce‌mb‌er 2017.

The full list of AMLS fees will be:

£40 approval fee (for ASPs, EABs and HVDs only)

£130 renewal fee per premises

£100 application fee for new customers (unchanged)

£100 fit and proper test fee for Money Service Businesses and Trust or Company Service Providers (unchanged).

Fees are calculated and paid at the point of submission. However until the AMLS online service is updated, the approval test fees will be added after submission and we will contact customers to sign in and pay this.

HMRC will also be conducting a review, consulting in early 2018, on how fees might change in future.

You can find more information about the changes and the new Money Laundering Regulations 2017 on GOV.UK.

 

Yours sincerely,

Andrew Henderson

Customer Engagement Team