HMRC issues £3.2 million in money laundering penalties

The HM Revenue & Customs (HMRC) has released its latest statistics on firms that have violated the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, the key regulations in UK pertaining to money laundering. According to the HMRC, it has fined hundreds of businesses a combined total of £3.2 million for violating anti-money laundering regulations. These fines were imposed on 240 supervised businesses between July 1 and December 31, 2022. One single firm, namely Xpress Money Services Ltd, was fined £1.4 million for various violations relating to risk assessments, know-your-client obligations, and the setup of adequate control measures to prevent AML.
In this context, the HMRC has also published two documents:
1. A list of firms whose registrations have been cancelled due to AML violations
2. A list of firms that have not complied with the above noted 2017 regulations
The lists states the names of firms, the articles they have violated under the regulations, and the penalties that have been imposed. In case of de-registration efforts by the HMRC, the list also states the exact reason for de-registration and whether or not an appeal is currently pending.