HMRC has issued its periodical update on businesses that it has found to be non-compliant with the MLRs. Its latest report covers the quarter from February 2020 – January 2021.
The largest fines have been on MSBs. One was fined nearly £24m and another fined nearly £4.5 for multiple MLR breaches, including failures in carrying out risk assessments; having the correct policies, controls and procedures; conducting due diligence; and record keeping. The recipient of the largest fine is appealing it. A similar, but significantly smaller fine of around £7,500 was imposed on another business for similar breaches. HMRC has also fined trust and company service providers, and estate agencies small amounts for various breaches.
During the period HMRC also suspended the licences of 3 MSBs and cancelled the licences of 10.