We wanted to let you know about a new service we’ve launched called AML Protect. It’s a free service aimed at reminding businesses to register or renew their AML registration with HMRC. It may sound a simple thing but last year many businesses were fined by HMRC for failing to do just this. And the fines can range anywhere from £1,500 to £50,000.
We know that running a business can often feel like spinning plates, but this is one way in which we can help reduce your stress and strain.
AML Protect is open to all businesses registered with and regulated by HMRC, you don’t have to be an FCS Compliance client to register.
Here’s how it works
AML Protect has been designed to be user-friendly. By simply entering your contact details, AML registration number, and renewal date onto the system, you will receive timely reminders well before AML registration expires.
The service also includes a lookup feature, which means you can check in at any time to identify your registration number and renewal date.
As your renewal date approaches, you will receive an email reminder from FCS Compliance, requesting acknowledgment of receipt. If we don’t hear back from you, the service will send a follow-up reminder as a text message to give you enough time to renew your 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.
To find out more about this service and to register, visit AML Protect