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02 July 2012
Changes to combat laundering must be put in place immediately
HMRC have issued additional material for their anti-money laundering guide for money service businesses.
The department is writing to all registered firms to give them a summary of the new guidance. On receipt of the letter, a business is urged to review its anti-money laundering policies and procedures immediately, and put changes in place.
The new guidance explains:
- when to check where funds have come from in one-off transactions under €15,000;
- due diligence measures where a customer is another money service business;
- whether to apply enhanced due diligence to countries next to high-risk regions;
- whether to check the person who receives third party payments;
- what action is required on money transmissions into the UK from overseas;
- what to do if the business’s registration with the Financial Services Authority does not match its registration with HMRC.
