HMRC has updated its published data on businesses that do not comply with the MLRs. Between February and September 2020 it issued 4 substantial fines for failure to comply with obligations, including a fine of nearly £24m on MT Global Ltd Money Service business for breaches of several regulations relating to failure to carry out risk assessments and failure to have in place the correct policies, controls and procedures, CDD and record-keeping. The other 3 substantial fines totally around £14,000 between them. One was on a trust and company services provider, and the others on lettings and estate agencies.
Additionally, there were a number of minor penalties, 3 MSBs had their registrations suspended, and 9 MSBs and one accountancy service provider’s registrations were cancelled.