HMRC ASSESSMENT AND EVALUATION OF ITS AML SUPERVISION PERFORMANCE

On 17 March, HMRC published a news release says that HMRC is one of 25 AML supervisors in the UK. HMRC delivers its supervisory responsibility through its Anti-Money Laundering Supervisory (AMLS) teams.  HMRC currently supervises over 30,000 businesses across nine different sectors:

  • Money Service Businesses (MSB)
  • Accountancy Service Providers (ASP)
  • Trust or Company Service Providers (TCSP)
  • Estate Agency Businesses (EAB)
  • Letting Agency Businesses (LAB)
  • Art Market Participants (AMP)
  • High Value Dealers (HVD)
  • Bill Payment Service Providers
  • IT and Digital Payment Service Providers

The HMRC self-assessment team considers that HMRC to be meetings its obligations under the AML regulations and as set out in the OPBAS Sourcebook.  It is said to be taking considerable steps to improve its supervision further, and intends to review progress in a follow-up self-assessment over the course of the next 12 months. This further self-assessment will also be published.

https://www.gov.uk/government/publications/hmrc-anti-money-laundering-supervision-performance-assessment/hmrc-anti-money-laundering-supervision-annual-assessment

If you would like to make a modest contribution for my time and ongoing expenses, I have a page, where contributions start as low as $3, at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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