AML registration renewal made easy
A new free service from FCS Compliance aims to ensure businesses renew their AML registration with HMRC before it expires.
Anti-money laundering compliance (AML) specialists, FCS Compliance, has launched AML Protect, a free service aimed at ensuring businesses renew their AML registration with HMRC before it expires. The service is available to any business that is registered with and regulated by HMRC, and not just FCS Compliance clients.
All a business need do is register their contact details, AML registration number and renewal date to FCS Compliance who will ensure they are sent a reminder to re-register well in advance of the registration’s expiry date. The service has a look up system to help businesses identify their registration number and renewal dates, a time-saving feature.
Reminders
Often important emails – including those from HMRC – get lost in junk folders and are easily missed. With AML Protect, all businesses registered will be contacted with their reminder via email and asked to acknowledge receipt, and if no acknowledgement is received, a follow-up text message will be sent.
Businesses failing to renew their AML registration with HMRC is one of the biggest drivers of AML fines.”
Businesses failing to renew their AML registration with HMRC is one of the biggest drivers of AML fines. These fines can range from £1,500 – £50,000.
Malcolm Driscoll, Lead AML Consultant, FCS Compliance, said: “Earlier this year HMRC announced that over 254 estate agency businesses had been fined a total of £1.6m for failing to register, or re-register with them for Anti Money Laundering. This is a basic requirement of any business subject to AML legislation. Unfortunately, we know only too well that registering or re-registering is often overlooked by companies who are busy getting on with running their businesses.
“AML Protect comes as a response to an issue flagged by our clients. It represents a solution to an easily solved – and costly – problem. Registering takes less than five minutes and can save firms thousands of pounds in avoidable fines.”
In addition to the alert service, AML Protect users will receive free access to a range of AML support. This includes free webinars and newsletters which feature both the latest HMRC AML updates and advice from FCS Compliance experts.
