REGULATION
Anti-money laundering for SMEs David Redfern asks how small businesses can ensure they are compliant with anti-money laundering regulations. David Redfern Managing Director, DSR Tax Claims Ltd
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overnment efforts to stamp out money laundering are gathering pace, with recent HMRC action focusing on estate agents who were suspected of trading without being registered, as money laundering regulations require. HMRC’s recent action landed Countrywide Estate Agents with a £215,000 fine for failing to comply with antimoney laundering regulations. But how can small businesses or sole traders protect themselves if they run a business which could be vulnerable to criminal activity? Legislation against money laundering was strengthened with the introduction of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, which placed additional emphasis on
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