FCA to collect Treasury’s economic crime levy (Anti-Money Laundering) from July

In view of the upcoming close of the first assessment year for the payment of the new Economic Crime Levy (ECL), the Financial Conduct Authority, FCA, has published a press statement to provide some further information in this matter. Specifically, the FCA notes that the new ECL applies to all of the following firms subject to the Economic Crime (Anti-Money Laundering) Levy Regulations 2022 (SI 2022/269) between April 6, 2022 and April 5, 2023 – as quoted:
– credit institutions
– financial institutions 
– auditors, insolvency practitioners, external accountants, and tax advisers
– independent legal professionals
– trust or company service providers 
– estate and lettings agents
– high value dealers, casinos, auction platforms and art market participants
– crypto asset exchange providers and custodian wallet providers
The new Levy is based on a firm’s annual revenue in the assessment period which is why all affected firms need to file the new report FIN074 via the Authority’s Reg Data platform, an online platform for collecting regulatory data from firms. The fee is assessed and must be paid annually.
Financial institutions set out in Annex 1 will receive a letter from the FCA „to report their data“.