ECSH21500 - The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR2017) set out what relevant persons must do to prevent the use of their services for money laundering, terrorist financing or proliferation financing purposes. “Relevant persons” are defined in regulation 8. HMRC is the supervisory authority for the following relevant persons: 

  • Money Service Businesses (MSBs) not supervised by the Financial Conduct Authority (FCA) 

  • High Value Dealers (HVDs) 

  • Trust or Company Service Providers (TCSPs) not supervised by the FCA or a professional body 

  • Accountancy Service Providers (ASPs) not supervised by the FCA or a professional body 

  • Estate Agency Businesses (EABs) 

  • Letting Agency Businesses (LABs) 

  • Art Market Participants (AMPs) 

  • Bill Payment Service Providers (BPSPs) not supervised by the FCA. 

  • Telecommunications Digital and IT Payment Service Providers (TDITPSPs) not supervised by the FCA.

AMPs and LABs came into scope on 10 January 2020 Statutory Instrument (SI) 2019/1511, which amended the MLR 2017.

Part 6 of MLR 2017 sets out the duties of supervisors relating to supervision and the registration requirements for relevant persons. 

Guidance is available to help businesses determine whether they fall within the scope of MLR 2017 and therefore need to register with HMRC (or another supervisory authority)for anti-money laundering/ counter terrorist financing supervision.