Six months of AML penalties: By the numbers

In six months last year, HMRC issued more than £2 million in penalties to businesses for non-compliance with money laundering regulations. Here’s what the list of compliance and registration penalties published by HMRC tells us.

Penalties were issued for 409 breaches of nine regulations – some businesses were penalised for more than one breach.

The vast majority of breaches were of regulation 56 – trading unsupervised. Hover on the graphic below to show details of each regulation for which a penalty was issued. To see more detail of the regulations with fewer penalties, click on the colour legend to remove regulation 56 from view.

Penalties applied across regions, with 21% in total being issued to businesses with London addresses.

The vast majority of businesses did not lodge appeals against their penalties – only four appealed, including Yorkshire Property. The appeals were for smaller penalties, ranging from £1,550 to £7,000 – compared to the largest penalty of £52,000, these are relatively small amounts.

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