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NEWS: Levy on lenders, gaming, lawyers and estate agents to fund Britain’s fight against economic crime, it’s announced

NEWS: British banks given more time to check payments for scams

By AML Intelligence Correspondent

THE BRITISH Government has introduced an economic crime levy (ECL) to fund its fight against economic crime, it was announced today.  

The levy will be collected by HM Revenue and Customs (HMRC), the Financial Conduct Authority (FCA )and the Gambling Commission. 

The ECL will apply to AML regulated businesses including: 

  • credit institutions
  • financial institutions 
  • auditors, insolvency practitioners, external accountants, and tax advisers
  • independent legal professionals
  • trust or company service providers 
  • estate and lettings agents
  • high value dealers, casinos, auction platforms and art market participants
  • crypto asset exchange providers and custodian wallet providers

“We are responsible for collecting the levy from those firms that sit within our regulated population or are registered with us,” the FCA said today.  

Impacted firms (those who were subject to the money laundering regulations between 6 April 2022 and 5 April 2023) will see the new levy appear on invoices from July 2023.

The levy will be paid annually and determined by a firm’s UK revenue. 

To ensure firms are charged the right amount, all impacted firms must submit their data via new Reg Data Report (FIN074) from 1 April. A failure to submit in time may result in a £250 administrative fee.

Those firms registered as an Annex 1 financial institutions only will receive a letter to report their data.

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