A reminder of the strictness of the money laundering regulations was issued recently when HM Revenue and Customs reported that the owner of a money transfer business in the West Midlands had been jailed for 12 months for failing to comply with the rules with regard to a transfer of £400,000 to India.
If you are involved in a regulated activity (which includes businesses engaged in the purchase and sale of expensive items), compliance with money laundering regulations is a must, and failure to do so can lead to a prison sentence.
For advice on the impact of the money laundering regulations on your business activities and how to comply with the law, contact us.