HMRC could double their AML supervision fees
ICB members in practice will be aware of the changes to the Money Laundering Regulations (MLR) 2017, as they have been busy submitting their basic criminality certificates. For those accountancy service providers who are supervised by HMRC for Anti-Money Laundering (AML) supervision, they may be facing an increase in their annual fees.
HMRC currently supervises 27,000 businesses from accountancy firms to estate agents and states that it is taking a “more robust approach to tackling non-compliance” and needs to recruit a significant number of staff members in order to meet the new requirements from the MLR 2017.
At the moment, bookkeeping businesses supervised by HMRC pay an annual fee of £130 per premise, a one-off £100 application fee and a £40 approval test for each BOOM (Beneficial Owner, Officer, Manager). After reviewing the costs for 2018/19 and 2019/20, HMRC has proposed three new structures, which include an option where the current fee structure stays the same but with significant fee increases. HMRC also intends to charge businesses an annual charge, which at the moment would be £20, for the retesting of fit and proper persons.
You can read the HMRC consultation discussing the potential fee increase in greater detail here. Please note that the consultation is now closed as HMRC is analysing the feedback.
The changes to the MLR and the establishment of OPBAS (Office for Professional Body Anti-Money Laundering Supervision) mean that ICB is facing similar challenges and has asked the Advisory Council to meet on 18th October to discuss the existing ICB fee structure and make recommendations to the ICB Board. Updates will be published as soon as they are available.
