You must pay HM Revenue and Customs (HMRC) fees when you register for anti-money laundering supervision.
These are:
- an application submission fee
- a registration fee for each premises
- an annual renewal fee for each premises
- If you’re a money service business or a trust or company service provider you’ll also pay responsible person fees.
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MLR 2017 – Estate Agents – How It Will Affect You? Part 2You must pay a non-refundable application charge of £100 when you first apply to register for anti-money laundering supervision.
Premises fee
When you register you must pay £115 for each of the premises you include in your application.
Annual renewal fee
Towards the end of your registration year HMRC will send you an email telling you to log in to your account to renew your registration and pay your renewal fee.
The renewal fee is £115 for each premises shown on the application at the time of renewal.
HMRC may cancel your registration if you don’t pay your annual renewal fee on time.
Fit and proper test fee
If your business is a money service business or a trust or company service provider a fit and proper test will be included in your application to register with HMRC.
There’s a £100 fee for each responsible person the test is applied to.
How to pay the fees
You’ll pay your fees online when you first apply to register and when you renew your registration online. When you input details of your business, the online service will calculate how much you owe and let you pay the total amount due for each type of fee.
If you’ve not yet registered online
If you’re not registered online and need to pay your renewal fees or a fee for an additional nominated person, there’s a variety of ways you can make your payment.
Firms must have established risk and control self-assessment procedures in place.
How HMRC use the fees you pay
HMRC use the fees to:
provide the advice and guidance you need to meet your Money Laundering Regulations responsibilities
carry out checks to make sure businesses are doing all they need to under the regulations
work with other organisations, for example assisting the National Crime Agency with prosecutions
Professional Help Is Available
Compliance Consultant can help provide you with the tools you need to implement, train and embed the new rules, and we can move quickly, getting your firm and your people up to speed in a short space of time, including training and awareness.
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