Tax advisers and accounting firms faced fines totaling £98,870 for violating anti-money laundering (AML) regulations, with only one company contesting the penalty.
The latest HMRC report covering April 1, 2023, to September 30, 2023, revealed fines of £2,277,893 imposed on 408 businesses, ranging from £1,350 to a maximum of £52,000.
Flynn Johnson Estates received the highest penalty of £52,000 for failing to register on time. Among the fined businesses were 21 accountancy firms, penalized £78,870, and six tax advisers, fined £20,000.
Wrights Accounting Services incurred the largest fine of £12,500 for three breaches related to staff training and due diligence. Accounting Hut (New Forest) faced a £5,900 penalty, while AWB Accountancy and Taxation and Accounting Solutions (Sussex) were fined £3,970 and £4,500, respectively, for registration delays.
Martin Cheek, managing director of SmartSearch, noted the prevalence of penalties for late registration among accounting firms, emphasizing the importance of compliance with AML regulations.
Most penalties were for not being on the trust and company register, violating Regulation 56. Penalties are calculated based on breach severity and officer culpability.
Only Giles Edwards Yorkshire Property estate agents contested their £7,000 fine. Ten art galleries were also fined, with Simon Lee Gallery receiving the highest penalty of £15,600.
Cheek stressed the need for enhanced accountability and compliance measures in response to evolving AML regulations.
By FCCT Editorial Team
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