ECSH48586 | Cancellation and suspension of registration: operational guidance: cancelling or suspending a principal- contacting agents

Introduction

A business registered with HMRC for anti-money laundering supervision can appoint another business to act on its behalf as an agent. The business that is registered with HMRC is referred to as a principal and any business that it appoints to act on its behalf is its agent. Further guidance on the principal-agent relationship is available in ECSH44420.

Suspension

When you issue a notice to suspend to a business and have identified that it acts as a principal, you should also issue a letter to any agents of the business of the suspension as the agent will also be prohibited from engaging in relevant activity.

If the principal meets the requirements for its suspension to be lifted, you should issue a letter to any agents of the business of the suspension as the agent will also be prohibited from engaging in relevant activity.

If the principal does not satisfy the requirements for the suspension to be lifted and you decide to impose a further sanction, you should also notify its agents of any further sanctions imposed.

Cancellation

When you issue a notice to cancel to a business and have identified that it acts as a principal, you should also issue a letter to any agents of the business of the cancellation as the agent will also be prohibited from engaging in relevant activity on behalf that principal.

For further details of the suspension or cancellation processes, see the SWIs in ECS Knowledge Library under the heading 2900 SWI.