Anti-money laundering service FCS Compliance has launched a new product which it claims helps renew AML registration with HMRC before it expires.  

The service is available to any business that is registered with and regulated by HMRC, not just FCS Compliance clients.

Businesses failing to renew their AML registration with HMRC is one of the biggest drivers of AML fines ranging from £1,500 to £50,000. 

FCS Compliance’s AML Protect requires users to register contact details, AML registration number and renewal date to FCS Compliance – the service then sends a reminder to re-register in advance of the registration’s expiry date. The service has a look up system to help businesses identify their registration number and renewal dates.

If no acknowledgement is received from the user, AML Protect will prompt with a follow-up text message.

A spokesperson for FCS Compliance says: “Earlier this year HMRC announced that over 254 estate agency businesses had been fined a total of £1.6m for failing to register, or re-register with them for Anti Money Laundering.  This is a basic requirement of any business subject to AML legislation.  Unfortunately, we know only too well that registering or re-registering is often overlooked by companies who are busy getting on with running their businesses.”

AML Protect users will receive details of free webinars and newsletters including HMRC AML updates and advice from FCS Compliance.