ECSH40535 | Businesses where HMRC is the only supervisor

HMRC is the only supervisory option for the business types below:

• Estate agency businesses.

• Letting agency businesses (with individual monthly rents of €10,000 or more).

• Art market participants buying, sellingor storing works of art where the transaction value (or a series of linked transactions) is €10,000 or more.

• High value dealers (paying or receiving cash payments or a series of linked payments of €10,000 or more in exchange for goods). Unless already supervised by the Financial Conduct Authority as a financial institution.

As there are no other supervisors for these business types, if you find in the course of carrying out the relevant checks,that the business has been undertaking relevant activity without being registered with HMRC for anti-money laundering supervision, then the business would be in breach of The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 and a penalty for trading whilst unregistered should be considered.