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HMRC issued AML fines of £2,277,893.00 to 408 businesses in 5 months.  


 The latest HMRC report on businesses that failed to comply with anti-money laundering (AML) regulations from 1 April 2023 to 30 September 2023 showed that:-

  • 408 businesses were fined £2,277,893.00
  • The fines ranged from £1,350 to a maximum penalty of £52,000.00
    • Property company Flynn Johnson Estates from Surbiton topped the list with a £52,000.00

The bad list

  • Tax advisers and accountancy firms have been fined £98,870.00
    • 21 accountancy firms = £78,870 in penalties
    • Six tax advisers = £20,000 worth of penalties.
  • A total of 10 art galleries are featured on the list, and the fines total £37,750.
    • Simon Lee Gallery in London received the highest penalty of £15,600.
  • Property company Flynn Johnson Estates from Surbiton topped the list with a £52,000 penalty for failing to apply for registration at the required time and did not appeal.
  • Wrights Accounting Services in Westgate received the largest fine, amounting to £12,500, for three breaches for failures in appropriate staff training and conducting due diligence.
  • Accounting Hut (New Forest) was given the second highest penalty charge of £5,900 and did not appeal the charge for failing to apply for registration in due time.
  • AWB Accountancy and Taxation, in Hockley Essex, was on the list for the same issue, receiving a penalty of £3,970. The company did not appeal.
  • Accounting Solutions (Sussex) received a penalty of £4,500 and chose not to appeal.
  • Giles Edwards Yorkshire Property estate agents appealed their fine of £7,000 for failing to apply for registration at the required time.

Most companies were penalised for not being on the trust and company register, meaning they are in breach of Regulation 56, which states:

  • ‘Any business that performs trust and company service work when not on the register may be subject to disciplinary action or civil or criminal sanctions imposed by HMRC.’




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