Does AML apply to your business? Find out before HMRC does.
Accountants, estate agents and high-value dealers face mandatory anti-money laundering obligations. Here’s what you need to know — without the legal jargon.
AML compliance isn’t as complicated as it sounds
The UK government estimates that £100 billion is laundered through and within the UK and its corporate structures every year — which is exactly why the regulated sector exists, and why the obligations below apply as much to a sole trader as to a high street bank.
Am I Affected?
Accountants, estate agents and high-value dealers are legally required to comply. Find out if your business is in the regulated sector.
Due Diligence
Standard, simplified or enhanced — knowing which level of customer checks you need is the foundation of compliance.
Suspicious Activity
Know when and how to report suspicious activity to the NCA and the criminal offence you must never commit: tipping off.
“I’m a small business, this doesn’t apply to me.”
The regulated sector is defined by what you do, not your size. A sole trader estate agent has the same legal duties as a national chain.
“I’ll deal with it if HMRC ever ask.”
Registration with HMRC or your professional body is a legal requirement before you start regulated activity, not a response to being asked.
“AML is just for banks.”
Banks are one part of the regulated sector. Accountants, letting agents, solicitors, and high-value dealers all carry the same statutory obligations under MLR 2017.
From the founder
“The compliance burden falls hardest on those with the fewest resources to manage it. We fill that gap.”
Paula — Founder, Code Regs Ltd