HMRC MSB Review

More properly, the title is; ‘HM Revenue and Customs AML/CTF Thematic Review of anti-money laundering compliance in the Money Service Business. The report in itself is worth reading, but my interest was piqued by the following; ‘Due to concerns that MSBs may be easily abused by criminals and terrorist financiers, some banks have withdrawn servicesContinue reading “HMRC MSB Review”

HMRC wants MSB Customer data

HMRC has issued a consultation document. They are looking to extend the scope of existing powers to include MSBs. The data-gathering powers are used to help identify businesses that are evading tax. In a nutshell, MSBs will be expected to provide regular ‘bulk’ data on customers and transactions. The consultation document asks 11 questions ofContinue reading “HMRC wants MSB Customer data”