HMRC
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HMRC issue over £1.6m in fines to estate agents
- April 11, 2024
- Posted by: FCS Compliance
- Category: News, Property Market
No CommentsHMRC issue over £1.6m in fines to estate agents for failing to register for AML supervision. Press release written by Alison Blease, Director PR, FCS Compliance and Malcolm Driscoll, Lead AML Consultant, FCS Compliance. HMRC has announced (28 March 2024) that 254 estate agency businesses have been fined a total of over £1.6m for failing
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Latest Fines From HMRC Are Impacting EABs
- January 24, 2024
- Posted by: FCS Compliance
- Category: News, Property Market
Latest Fines From HMRC Are Impacting EABsWritten by Caroline Walters AICA, Director of Operations, FCS Compliance In October 2023, HMRC updated its list of Estate Agency Businesses (EABs) who have fallen short of meeting their Anti-Money Laundering (AML) obligations. The vast majority, of the approximately 70 plus EABs that have been fined, failed to register
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Latest Fines From HMRC Are Impacting AMPs
- January 24, 2024
- Posted by: FCS Compliance
- Category: Art Market, News
Latest Fines From HMRC Are Impacting AMPsWritten by Rena Neville, Head of FCS Compliance – Art Division In October 2023, HMRC updated its list of Art Market Participants (AMPs) who have fallen short of meeting their Anti-Money Laundering (AML) obligations. The vast majority of the approximately 30 AMPs that have been fined failed to register
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HMRC Attending More Art Fairs…
- January 24, 2024
- Posted by: FCS Compliance
- Category: Art Market, Blog, News
HMRC Attending More Art Fairs….Written by Rena Neville, Head of FCS Compliance – Art Division The British art market is the second largest in the world. It comes after the US and before China. Given the size and population of the US and China, the UK punches well above its weight. One key feature of
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Snoofa and FCS Compliance held an exclusive webinar for AMPs
- November 23, 2023
- Posted by: FCS Compliance
- Category: Art Market, News, Promotion
As you may know, HMRC are enthusiastically conducting interventions of Art Market Participants (AMPs), and many tuned in for Tuesday’s webinar (21.11.2023) on ‘Avoiding CDD Pitfalls: How to Decrease the Likelihood of HMRC Penalties’, held by Snoofa and FCS Compliance. Missed the webinar? Catch up here. This popular webinar covered many of the key questions
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Art Market Participants (AMPs) tuned in to AML webinar to learn more about HMRC Interventions
- October 3, 2023
- Posted by: FCS Compliance
- Category: Art Market, News
Art Market Participants (AMPs) tuned in to AML webinar to learn more about HMRC Interventions Art Market Participants (AMPs) registered in the masses to attend last week’s webinar (26.09.2023) on the timely subject of HMRC Interventions and Avoiding Penalties from FCS Compliance Art Division. Missed the webinar? Catch up here. Held live on Tuesday 26
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Property Market News: HMRC issues £3.2 million in money laundering penalties
- July 14, 2023
- Posted by: FCS Compliance
- Category: Blog, News, Property Market
Property Market News: HMRC’s Latest Fine List Totals £3.2MWritten by Caroline Walters, Lead AML Consultant, FCS Compliance HMRC has published details of the latest businesses fined for breaching anti-money laundering (AML) rules. The HMRC list, which includes the publication of estate agency fines, shows that the sector accounts for the largest number of AML fines
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AMPs: What is ‘a linked transaction’? and Why should you care?
- July 14, 2023
- Posted by: FCS Compliance
- Category: Art Market, Blog
Two Common Questions: What is ‘a linked transaction’? and Why should you care?Written by Paula Trommel, Head Advisor for FCS Compliance – Art Division It is easier to answer the second question than the first… Why should an art market participant (AMP) care whether an art market transaction is linked? Because… failure to detect a
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Art Market News: HMRC’s latest fine list totals £3.2m
- July 14, 2023
- Posted by: FCS Compliance
- Category: Art Market, News
Art Market News: HMRC’s Latest Fine List Totals £3.2mWritten by Rena Neville, Head of FCS Compliance – Art Division HMRC recently released a list of 240 of their supervised businesses that suffered fines totalling £3.2m for breaching the UK Money Laundering Regulations. The penalties were assessed between 1 July and 31 December 2022. In addition
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AML Supervision Reform Webinar 13.07.23
- July 13, 2023
- Posted by: FCS Compliance
- Category: News
AML Supervision Reform webinar – 1:00pm on 13.07.2023 HMRC held an AML Supervision Reform webinar at 1:00pm on 13 July. They were informing supervised businesses about the outcome of a consultation they held following the publication of the 2022 review of the UK’s AML/CTF regulatory and supervisory regime. They discussed what they intended to do