HMRC has updated its guidance on Fees you’ll pay to register for money laundering supervision to reflect an increase in the fees from 1 May 2019.
These fees apply to accountancy service providers who are not supervised by a professional accounting or tax body for anti-money laundering (AML) purposes. They are required to register for supervision with HMRC. This should not be necessary for ICAEW members since ICAEW is a supervisory authority for the purposes of the money laundering regulations.
Among other things, details of AML supervision are required in order for an agent to set up an Agent Services Account with HMRC.
HMRC has been consulting on how fees should be charged for AML registration and supervision, and published a summary of responses on 4 April 2019. In this document HMRC said that it will: