This post is relevant to money service businesses which supervised for anti money laundering (AML) by His Majesty’s Revenue and Customs (HMRC). So, if you’re a High Value Dealer or a “pure” pawnbroker, this doesn’t apply to you. If you offer foreign currency or money transfer, then it does.

Risk assessment is where it all starts. Everything flows from here. In many ways, it gives YOU the control. There is no “wrong” risk assessment. The important thing is do one, document it and act accordingly.

At first, these responsibilities can appear daunting, but once the initial work is done, it is straightforward to maintain an effective regime. Worried that you haven’t taken responsibility properly? Get in touch. Lime will conduct a review for you, free of charge.

If you are carrying one of the businesses above in the UK, either under your own auspices, or as an agent, then you need to be registered. Unsure? Get in touch. We’ll let you know whether you need to register or whether you need to check that your principal has registered you. (Free of charge.)

It’s an over-simplification, but following The Regulations, is what keeps businesses safe. While they’re far from perfect, following them, and the guidance that accompanies them, constitutes a defence in court. In short, The Regulations are our friend.