If you are in business as an Accountancy Service Provider and are required to register with HMRC or an approved professional body under the Money Laundering Regulations 2007 you are trading illegally if you missed the deadline of 1 January 2009 and may be liable to a penalty or criminal prosecution.
To avoid penalties or prosecution, however, make an unprompted disclosure and send HMRC your completed application form MLR100 and appropriate fee (£95.00) without further delay. Forms and fees should be sent to:
Money Laundering Regulations Registration Team.
7th Floor, Alexander House, 21 Victoria Avenue Southend–on-Sea, SS99 1AG
If you are prompted over non registration by your supervisor either by letter or by phone, the minimum penalty will be £500.
The penalty for breaches of the registration process is up to a maximum of £5,000 if the breach was a failure to take reasonable steps. However this can be increased if the breach was deliberate. This will also include future amendments to your registration details.
Visit the BTC website for compliance help and support for firms in the regulated sector.