Online anti-money laundering system to launch

HMRC is to introduce an online digital system for anti-money laundering supervision in 2017. It will:

• allow all registrations renewals updates and payments to be made online; and
• reduce errors and ‘rejected’ applications – these will be flagged instantly by the new system avoiding forms being returned for 
  re-submission.

Currently businesses registering with HMRC for the first time have to complete their form online print it off and post it to the department. Those renewing their registration are sent a letter and asked to respond by post.

HMRC says the online system will reduce delays and better meet businesses requirements. A user group has helped to develop the system over the past year and continues to provide feedback helping HMRC to refine it further.

Using the system for the first time will involve a one-off...