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News & Portal: Money Laundering

Report changes to your details for money laundering supervision if supervised by HMRC

14 January 2020   (0 Comments)
Posted by: YM Administrator
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Find out what changes you need to report to HMRC, how to report them and what to do if you want to cancel your registration.

Contents

  1. Changes you should report to HMRC
  2. When to report changes
  3. How to report a change or cancel your registration
  4. If ownership of your business changes
  5. If you report changes after the time allowed

Changes you should report to HMRC

You’ll need to notify HMRC if your money laundering registration details change or you discover that they’re incorrect. For example, you must tell us about changes of:

  • address, trading name or telephone number
  • your legal structure - for example, if you were self-employed but now you’re a limited company
  • ownership of your business
  • the legal entity of the business owners - for example, if ownership changes from a partnership to a limited company
  • the nominated officer
  • the compliance officer
  • partners or directors
  • franchise or agency status
  • personnel in your business who have fit and proper status
  • a person’s fit and proper or approved status

You should also tell us 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

When to report changes

You must report any changes or mistakes in your registration details within 30 days of the change or the discovery of the mistake.

Changes to the nominated officer and compliance officer must be reported within 14 days of the change.

How to report a change or cancel your registration

If you’ve used the online service to register or renew you can sign in to your account to make the changes.

If ownership of your business changes

You cannot transfer a registration from one legal entity to another.

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.

If you report changes after the time allowed

You should contact HMRC as soon as possible if you need more time. You should explain the reasons why.

You may have to pay a penalty if you do not tell us about material changes or inaccuracies within 30 days.

Any change or inaccuracy that affects your ability to comply or HMRC’s ability to test your compliance may be considered material.

By HMRC


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