The Money Laundering Regulations 2007 are designed to deter financial crime and terrorist financing by reducing the possibility of legitimate businesses being used for money laundering. Under the regulations, some businesses are obliged to be supervised by the Office of Fair Trading (OFT).
From 31st July 2009, the OFT became the supervisory authority for consumer credit financial institutions that provide consumer credit and are not :
- Authorised by the FSA
- Supervised by HMRC as a money service business.
The OFT will charge £115 per business premises with a cap at 20 premises per annum.
The registration form and additional guidance may be found at www.oft.gov.uk/amlregistration
Completed forms must be submitted by 18 December 2009.
