HMRC reports on MLR non-compliance

HMRC has published its regular report on business that have failed to comply with the MLRs. Among the failings and fines are:

  • a fine on BNY Mellon Corporate Trustee Services Limited for failing to apply for registration when it should have, and a fine on an accountancy service provider for failing to apply
  • a fine on another TCSP for multiple failings in carrying out risk assessments, due diligence, and training and failing to have in place proper systems and controls and record keeping arrangements;
  • a number of further fines on firms that did not provide information HMRC requested

Emma Radmore