Anti-money laundering fees from 1 May 2019

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: 

  • increase fees from £130 to £300 per premises from 1 May 2019;
  • introduce a small business fee of £180 for businesses with a turnover less than £5,000 from 1 May 2019;
  • increase the cost of the ‘fit and proper’ fee (which applies to firms that are trust or company service providers) from £100 to £150 per person from 1 May 2019;
  • remove the one-off application charge from January 2020; and
  • not introduce a late renewal fee, but consider appropriate safeguards for the online system.