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Money Laundering Compliance Failure Means Prison

Envelope of dollarsA reminder of the strictness of the money laundering regulations was issued recently when HM Revenue and Customs reported that the owner of a money transfer business in the West Midlands had been jailed for 12 months for failing to comply with the rules with regard to a transfer of £400,000 to India.

If you are involved in a regulated activity (which includes businesses engaged in the purchase and sale of expensive items), compliance with money laundering regulations is a must, and failure to do so can lead to a prison sentence.

For advice on the impact of the money laundering regulations on your business activities and how to comply with the law, contact us.