Anti-money laundering compliance (AML) specialists, FCS Compliance, has announced the launch of AML Protect, a free service aimed at ensuring businesses renew their AML registration with HMRC before it expires.
The service is available to any business that is registered with and regulated by HMRC, not just FCS Compliance clients.
Businesses failing to renew their AML registration with HMRC is one of the biggest drivers of AML fines. These fines can range from £1,500 – £50,000.
FCS Compliance’s new service – AML Protect – is simple and easy to use. All a business need do is register their contact details, AML registration number and renewal date to FCS Compliance who will ensure they are sent a reminder to re-register well in advance of the registration’s expiry date. The service has a look up system to help businesses identify their registration number and renewal dates, a time-saving feature.
Prior to the required renewal date all businesses registered will be contacted with their reminder via email and asked to acknowledge receipt. Often important emails – including those from HMRC – get lost in junk folders and are easily missed. Therefore, if no acknowledgement is received, AML Protect will prompt with a follow-up text message.
Malcolm Driscoll, lead AML consultant, FCS Compliance, said: “Earlier this year HMRC announced that over 254 estate agency businesses had been fined a total of £1.6m for failing to register, or re-register with them for Anti Money Laundering. This is a basic requirement of any business subject to AML legislation. Unfortunately, we know only too well that registering or re-registering is often overlooked by companies who are busy getting on with running their businesses.
“AML Protect comes as a response to an issue flagged by our clients. It represents a solution to an easily solved – and costly – problem. Registering takes less than five minutes and can save firms thousands of pounds in avoidable fines.”
In addition to the alert service, AML Protect users will receive free access to a range of AML support. This includes free webinars and newsletters which feature both the latest HMRC AML updates and advice from FCS Compliance experts.