FCC Flash

The UK HM Revenue and Customs (HMRC) recently imposed fines totaling £3.2 million on hundreds of businesses for violating anti-money laundering regulations. Between 1 July and 31 December 2022, a total of 240 UK businesses were fined for breaching the Money Laundering Regulations, which are intended to prevent criminals from exploiting illegal funds.

Certain types of businesses, such as accountants and tax advisers, financial and credit institutions, independent legal professionals, estate agency firms, and trust and company service providers, are required to register with HMRC for money laundering supervision.

One of the fined companies, Xpress Money Services Ltd, based in London, received a substantial penalty of £1.4 million. This was due to their failure to conduct risk assessments, inadequate implementation of anti-money laundering controls, and insufficient due diligence checks.