Your accountant is expected to be able to identify potential money laundering situations. We are also obligated to report suspicious activity to the relevant authorities. We are regularly reminded of this responsibility by our professional body. It’s all part of ensuring that businesses and organisations observe the highest standards and conduct their affairs under the proper legal framework.
What’s less well known is that a number of other businesses are also required to be registered with HM Revenue & Customs (HMRC) for the purposes of monitoring money laundering. These range from estate agents and car dealers through to jewellers and builders.
The UK Government describe money laundering as “exchanging money or assets that were obtained criminally for money or assets that are ‘clean’. Money laundering also includes money that’s used to fund terrorism”.
The money laundering regulations apply to a number of different business sectors handling money. Some businesses covered by the regulations will be supervised by a supervisory authority or professional body. For example, the Law Society or the FCA.
If your business is not supervised and falls into one the following business sectors you will need to register with HMRC. HMRC will be your supervisory authority.
This is where you act as a bureau de change, transmit money or cash cheques. If you’re not already supervised by the Financial Conduct Authority for the purposes of the Money Laundering Regulations, then you must register with HMRC.
You will be categorised as a High Value Dealer if you take a single cash payment of €10,000 or more. You will also be categorised as one if you take several cash payments adding up to this amount. Car and boat dealers, antique dealers and auctioneers may fall into this category. It may also include bathroom and kitchen suppliers and builders.
This refers to companies and sole practitioners who form companies, provide registered office services and/or business addresses or act in a number of similar capacities.
Here we are not just talking about auditors, accountants and tax advisors, but also external people (not employees) who provide professional bookkeeping services and help prepare accounts.
Are you acting on the instructions of a customer who wants to buy or sell commercial or residential property? Or are you introducing to a customer someone who wishes to buy or sell property? If so, you will need to be registered.
In addition bill payment service providers and telecommunications, digital and IT payment service providers who are not supervised by the FCA are required to register with HMRC.
For more information on businesses that are required to register with HMRC click here.
If your company is required to register with HMRC there is support on the gov.uk website. This site details how to register and what actions you will be required to take under the money laundering regulations.
You can also contact us or your accountant for advice and support on implementing controls and ensuring you comply with the Money Laundering Regulations.
"I have had nothing but a positive experience over the past 5 years from DNG. This tax year they have been particularly fantastic at saving me a considerable amount of money and advising on future payments. Their fees are probably the best money I spend every year. I’ve been asked for their details from 2 friends and family as a result. I would thoroughly recommend them as not only do they get good results, they are very easy to work with."
"We have been very impressed with the service we have received from DNG since outsourcing our payroll at the start of 2017. Our payroll/auto enrolment is not straightforward. Not only do DNG deal with the pension complications effectively and efficiently each month, they also identified errors we made in earlier years enabling us to recover nearly £4,000 of overpaid National Insurance contributions. We are pleased to recommend DNG, and their payroll team in particular, for their professional and diligent approach to providing their services to us."
"DNG provided us with invaluable advice and support as we negotiated our way through a recent MBO. They were super responsive and patient with our never ending questions and queries. I wouldn’t hesitate to recommend their services to other small businesses."
"Halcyon has been with DNG since 2000. In that time they have become an integral part of our business success. Not only do they provide the statutory auditing services but they have become our "Critical Friend" - offering advice and guidance at crucial stages of the Company's evolution and development. It's hard to imagine not having them there.
We are delighted with the quality of service they provide - always professional, always timely and always valued.”
"Jones Wholesale have been clients of DNG’s payroll facility for many years and would not think of changing to any other option. The consistency of service received is extremely reassuring and the staff I have experienced have always been efficient and a pleasure to deal with.
To know that calculations and reports will always be accurate and timely is of paramount importance to me and their knowledge and advice on personnel and tax/benefit matters has proved particularly valuable."
"The British Institute of Non-Destructive Testing (BINDT) has used DNG’s services for over 25 years. DNG are active participants in the day-to-day function of the Institute’s Finance and Accounts department.
BINDT is reassured in the knowledge that the staff at DNG are always on-hand with viable solutions and dependable advice for any financial query passed their way.
DNG provide outstanding payroll and budgeting support to BINDT and are consistent in preparing for and providing a thorough audit of the Institute accounts.
The support and services BINDT receives from DNG are second-to-none."
"iSAMS have been working with DNG since 2008 and they were not only chosen on the basis of their excellent reputation locally but also on their expertise in our particular area of activity.
DNG are our ideal partners and have helped us maximise on the exciting growth our business has seen during its infancy. We particularly value the on-site and personal service provided by the Management Accounting and Systems Support team.
We are more than delighted with the services that they provide and would strongly recommend DNG to any company or individuals seeking very professional and friendly advice."
"Barton Petroleum Ltd have been using DNG’s payroll services for many years now and value highly the confidential and personal service which they deliver. Their speedy and efficient resolution of complex queries is particularly appreciated.
DNG represent excellent value for money at a time when all forms of expenses are under the microscope and I would have no hesitation in recommending them as an outsourced bureau."
"DNG’s approach and conscientious attitude have been invaluable to my business and I could not have done without their expertise. Knowing the payroll for my employees, at the Tattoo Club is in safe hands has allowed me to concentrate on other issues within my business.
I pass on my sincere thanks to them and hope that we will continue our business association well into the future."