Anti-money laundering supervision: discussion about fees

MRC sets out the background in a discussion paper and asks you to respond to questions about the way it charges fees to the businesses it supervises. This consultation closes at 11:45pm on 28 September 2018.

The Government is committed to enhancing further its response to the threat of money laundering and terrorist financing. The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (“MLR 2017”) strengthened the UK regime and placed additional requirements on HMRC (and other) supervisors.

Alongside this, the Government is committed to HMRC strengthening its approach to anti-money laundering supervision and taking a more robust approach to tackling non- compliance with the regulations.

It is Government policy that businesses should pay for the costs of supervision, rather than this being funded through general taxation. In order to ensure that the fees it charges remain appropriate, HMRC periodically reviews the fees it charges businesses for antimoney laundering supervision.

Our current fee structure charges a registration and renewal fee of £130 per premises. This fee was raised with effect from 1 December 2017 from the £115 charged previously, reflecting the increased costs to HMRC of supervision since the previous fee changes in 2015. Other fees are also charged for specific activity.

HMRC is looking at how the fees are structured and the amount it charges you. We aim to treat businesses fairly and keep fees simple, and as low as possible, while meeting the increased costs of our supervisory activity.

HMRC invites your views on the three options for setting fees from 1 December 2018 and two additional measures detailed in this document.