Register for AML Protect and avoid unnecessary fines

^{September 2024}

FCS Compliance Launches AML Protect

We are proud to announce the launch of AML Protect, a free service designed to help businesses navigate the crucial task of renewing their AML registration with HMRC. This innovative service is open to all businesses registered with and regulated by HMRC, not just FCS Compliance clients.

The Hidden Risks of Non-Compliance

The importance of maintaining an up-to-date AML registration cannot be overstated. Failure to renew these registrations has emerged as a leading cause of substantial fines, which can range anywhere from £1,500 to £50,000.

AML Protect aims to alleviate this burden with a user-friendly approach. By simply entering their contact details, AML registration number, and renewal date into the system, businesses can ensure they receive timely reminders well before their registration expires. The service also includes a convenient lookup feature, allowing organisations to easily identify their registration numbers and renewal dates—a true time-saver. 

How It Works

As the renewal date approaches, businesses will receive an email reminder from FCS Compliance, requesting acknowledgement of receipt. If no acknowledgement is received, the service will send a follow-up text message to ensure businesses have adequate time to renew their registration.

Insights from the Experts

Malcolm Driscoll, Lead AML Consultant at FCS Compliance, highlighted the pressing need for such a service. “Earlier this year, HMRC announced that over 254 estate agency businesses faced fines totalling £1.6 million for failing to register or re-register for AML compliance. This basic requirement is often overlooked by busy companies trying to keep operations running smoothly,” he explained. “AML Protect is our proactive response, offering a straightforward solution to a problem that can easily lead to avoidable costs. Registering takes less than five minutes and can save firms thousands in fines.”

Rena Neville, Head of the Art Division at FCS Compliance, echoed these sentiments, citing the art sector’s struggles with HMRC renewals. “This year, arts organisations collectively faced penalties of £170,522 for non-compliance. AML Protect is designed to address the concerns raised by our clients and provide a simple, effective solution. Signing up is quick, and it can prevent significant financial setbacks.”

More Than Just Reminders

AML Protect doesn’t stop at reminders. Users will also gain access to AML support resources, including informative webinars and newsletters filled with the latest HMRC updates and expert advice from FCS Compliance.

With the launch of AML Protect, FCS Compliance is taking a bold step to empower businesses across various sectors to stay compliant and avoid costly penalties. To find out more about this invaluable service and to register, visit AML Protect today. Take control of your AML obligations and ensure your business is protected.