HM Revenue & Customs (HMRC) has written some new guidance to go in the Anti money laundering guide for Money Service Businesses (MSBs) that was published in July 2010.
HMRC will write to all registered MSBs at the end of June 2012 to give them a summary of the new guidance. When you get the summary, you should review your anti money laundering policies and procedures immediately and put the changes in place.
The extra guidance explains:
- when to check where funds have come from in one-off transactions under €15,000
- due diligence measures where your customer is another MSB
- whether to apply enhanced due diligence to countries next to high risk regions
- whether to check the person who receives third party payments
- what action is required on money transmissions into the UK from overseas
- what to do if your registration with the Financial Services Authority does not match your registration with HMRC
Press release link: click here
MSB regulations from HMRC: click here