HMRC has revamped and overhauled its guidance for firms it supervises for AML purposes.
The new look guidance contains sections that are common for all businesses, including a summary of the law, registration requirements, and fit and proper checks, and then a description of the MLR requirements. It is complemented by a series of sector specific guidance and separate sector risk assessment for, respectively:
- arti market participants;
- estate agents;
- letting agents;
- money service businesses;
- trust and company service providers;
- high value dealers;
- bull payment service providers; and
- telecoms, digital and IT payment services providers