Many categories of business must register and be supervised under the money laundering regulations (MLR). This includes all accountants, estate agents, currency exchangers, bill payment providers, trust or company service providers, and high value dealers (HVD).
HVD businesses are those who receive cash payments of €10,000 or more for goods acquired in a single transaction , or who pay cash for goods worth €10,000 or more. As the pound is now almost at parity with the euro, those who make a sale at around £10,000 or more where the customer pays in cash, even over several instalments, are now within the MLR.
Those who are not supervised for MLR by a professional organisation must be supervised by HMRC. The application fee is £100, plus an annual fee of £115. An additional registration fee applies to each premises; this increased to £130 (from £115) on 1 December 2017.
Key personnel in HVD businesses, estate agents, and accountancy firms need to pass an approval test from 1 November 2017, which checks for relevant criminal convictions. This non – refundable charge is set at £40 per person.
People who own or run money service businesses, trust or company service providers must pass a series of checks collectively known as the ‘fit and proper persons test’. The fee for this test is a one – off £100 per person. The range of people drawn into the fit and proper persons test is quite extensive, covering any director or officer, as well as senior managers and anyone who in effect directs the operation of the business.