One company said he simply didn't know about the rules
Five Lancashire firms have been hit with fines totalling more than £40,000 after breaching anti-money laundering rules.
Certain types of business are required to register with HMRC, which is a supervisory body for Money Laundering Regulations, as part of efforts to stop criminals from exploiting illicit cash. Those who fall foul are punished by the government, with those penalties published twice a year.While one London firm was given a seven figure fine for failures in risk assessments, policies, controls and procedures, and due diligence almost all of the others were for failing to apply for registration.
A spokesperson told LancsLive: "Mr McNeill was simply unaware of the legislation until early 2022, and at that point once he realised that his company needed to be registered, an application was made to register the company. HMRC were only aware of this situation after Mr McNeill had completed the correct application for Anti-Money Laundering and HMRC reviewed when the company was formed.
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