Money laundering supervision: report changes to your business
How and when to report changes in your business to HM Revenue and Customs (HMRC) and what to do if you want to cancel your registration.
- Changes you should report to HMRC
- When to report changes
- How to report a change or cancel your registration
- If ownership of your business changes
- 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 you’ve not registered online yet you should complete a ‘reporting changes’ form MLR RCT1.
If ownership of your business changes
You can’t 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.
A further application charge won’t apply if the new legal entity is made up of exactly the same people as the previous one.
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 don’t 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.