Business sectors subject to AML regulation

tiemadmin • 27 August 2024

In the UK, certain business sectors are required to register with a regulatory body, such as HM Revenue & Customs (HMRC), for Anti-Money Laundering (AML) purposes. These sectors include:

  1. Money Service Businesses (MSBs): This includes currency exchange offices, money transmission services, and cheque cashing businesses. MSBs are required to register with HMRC for AML supervision.
  2. Estate Agents and Letting Agents: Estate agents involved in buying, selling, or letting property, especially transactions over a certain value, must register with HMRC. Letting agents also need to register if they facilitate transactions with monthly rents of €10,000 or more.
  3. High-Value Dealers: Businesses that accept or make cash payments of €10,000 or more (or the equivalent in any currency) in a single transaction must register with HMRC. This category includes dealers in luxury goods, precious metals, and other high-value items.
  4. Accountancy Service Providers (ASPs): This includes accountants, tax advisers, external auditors, and bookkeepers who offer accountancy services. These businesses must register with a relevant supervisory authority, such as HMRC, or a professional body like the Institute of Chartered Accountants.
  5. Trust or Company Service Providers (TCSPs): Businesses that provide services related to the formation of companies, acting as company directors or secretaries, providing registered office addresses, or acting as trustees must register with HMRC.
  6. Cryptoasset Exchange Providers and Custodian Wallet Providers: Businesses involved in exchanging cryptoassets or providing services for managing and storing cryptoassets (custodian wallets) must register with the Financial Conduct Authority (FCA) for AML purposes.
  7. Art Market Participants: Businesses or individuals involved in the buying and selling of works of art, where the value of transactions (individually or cumulatively) amounts to €10,000 or more, must register with HMRC.
  8. Bill Payment Service Providers and Telecommunications, Digital, and IT Payment Providers: Businesses that provide bill payment services or enable payments through digital or IT services must also register with HMRC for AML compliance.
  9. Auctioneers and Dealers of Art or Antiques: Similar to high-value dealers, businesses in this sector must register if they manage transactions exceeding the €10,000 threshold.

These sectors are considered high-risk for money laundering and terrorist financing, and therefore, are required to register with an appropriate supervisory body to ensure compliance with the UK's AML regulations. Failure to register can lead to significant penalties, including fines and criminal prosecution.

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