HMRC issued AML fines of £2,277,893.00 to 408 businesses in 5 months.
04/04/2024
The latest HMRC report on businesses that failed to comply with anti-money laundering (AML) regulations from 1 April 2023 to 30 September 2023 showed that:-
- 408 businesses were fined £2,277,893.00
- The fines ranged from £1,350 to a maximum penalty of £52,000.00
- Property company Flynn Johnson Estates from Surbiton topped the list with a £52,000.00
The bad list
- Tax advisers and accountancy firms have been fined £98,870.00
- 21 accountancy firms = £78,870 in penalties
- Six tax advisers = £20,000 worth of penalties.
- A total of 10 art galleries are featured on the list, and the fines total £37,750.
- Simon Lee Gallery in London received the highest penalty of £15,600.
- Property company Flynn Johnson Estates from Surbiton topped the list with a £52,000 penalty for failing to apply for registration at the required time and did not appeal.
- Wrights Accounting Services in Westgate received the largest fine, amounting to £12,500, for three breaches for failures in appropriate staff training and conducting due diligence.
- Accounting Hut (New Forest) was given the second highest penalty charge of £5,900 and did not appeal the charge for failing to apply for registration in due time.
- AWB Accountancy and Taxation, in Hockley Essex, was on the list for the same issue, receiving a penalty of £3,970. The company did not appeal.
- Accounting Solutions (Sussex) received a penalty of £4,500 and chose not to appeal.
- Giles Edwards Yorkshire Property estate agents appealed their fine of £7,000 for failing to apply for registration at the required time.
Most companies were penalised for not being on the trust and company register, meaning they are in breach of Regulation 56, which states:
- ‘Any business that performs trust and company service work when not on the register may be subject to disciplinary action or civil or criminal sanctions imposed by HMRC.’
Source
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.