New guidance on money laundering regulations
Her Majesty's Revenue & Customs has released new guidance on registering under the Money Laundering Regulations 2007.
The update reflects feedback from businesses and is now available on the HMRC website. Some of the major changes involve the removal of will writing from the regulations and non executive directors only being included if the company is considered high risk.
HMRC Business Director for Money Laundering Regulations Melissa Tatton said that the move will help reduce administration for businesses.
"The updated guidance will help businesses decide if they are required to register with HMRC," she explained.
"It will give businesses greater clarity and reduce the number of businesses that need to register with us, whilst retaining effective anti money laundering measures across all relevant businesses."
The move comes in the same week the Government announced reforms to health and safety legislation; another move which cuts administration for small businesses.
