AML compliance refers to the legal requirements under the UK's Money Laundering Regulations 2017 that certain businesses must follow to help prevent money laundering and terrorist financing.
Regulated businesses must implement a full suite of controls — from customer verification to suspicious activity reporting — or face civil penalties and enforcement action.
Carrying out regulated activities without AML registration may result in civil penalties, enforcement action, and in serious cases, criminal prosecution.
HMRC has issued penalties ranging from several thousand pounds to over £100,000 in serious cases, plus a £2,000 sanctions administration charge.
AML compliance demonstrates ethical practices to clients, banks, and partners — building long-term trust in your business.
Proper screening catches money laundering, terrorist financing, and fraud before it reaches your business.
Banks often request AML and compliance documentation when onboarding business customers in regulated sectors.
AML compliance supports international business activities and demonstrates regulatory compliance to overseas partners, banks, and investors.
End-to-end AML services tailored to your sector, risk level, and regulatory obligations under MLR 2017.
Mandatory risk assessment under Regulation 18 of MLR 2017 — we identify, assess, and document your business's money laundering risks.
Customer verification measures including identity checks, beneficial owner (UBO) verification, and understanding transaction purposes.
PEP checks, sanctions list screening, and ongoing monitoring against UK sanctions lists to identify high-risk customers.
Professional Money Laundering Reporting Officer outsourcing for SMEs — experienced AML compliance professionals without hiring full-time.
Independent evaluation of your AML policies, controls, procedures, and KYC onboarding records against UK legislation.
Custom-written AML policies, procedures, and handbooks compliant with MLR 2017 requirements, tailored to your business.
Regulation 24-compliant training for all employees on money laundering risks, red flags, policies/procedures, and SAR submission.
Training on how to identify and submit Suspicious Activity Reports to the National Crime Agency, plus ongoing SAR advisory support.
Enhanced risk controls for high-risk customers, PEPs, high-risk countries, and complex transactions under MLR 2017 Chapter 2.
Risk-based due diligence checks on suppliers and business partners to support wider compliance and governance objectives.
Sanctions screening and PEP checks play an important role in identifying higher-risk customers and helping businesses meet their AML obligations.
Elevate Accounting & Auditing can help you implement effective customer screening procedures as part of your wider AML compliance programme.
A structured, end-to-end compliance journey — from initial gap analysis to ongoing monitoring and periodic review.
We assess your current compliance status, understand your business model, and identify exactly what's missing against MLR 2017 requirements.
Conduct a mandatory money laundering risk assessment under Regulation 18 — identifying, documenting, and scoring all relevant risks.
Draft custom AML policies, procedures, and controls tailored to your sector and risk profile.
Set up robust CDD/KYC processes for customer onboarding, including identity verification and UBO checks.
Deliver Regulation 24-compliant AML/CTF training to all employees, covering red flags, reporting, and SAR procedures.
Implement PEP and sanctions screening with ongoing transaction monitoring against UK sanctions lists.
Provide an experienced outsourced MLRO if you don't have a qualified in-house compliance officer.
Continuous transaction monitoring and SAR submission to the National Crime Agency when suspicions arise.
Review and update AML policies, risk assessments, and controls as regulations, products, or markets evolve.
A firm-wide money laundering risk assessment is a core requirement under UK MLR 2017. Our team helps identify, document, and assess the risks relevant to your business so you can build a stronger compliance framework.
You must register with HMRC for AML supervision if you carry out the following activities by way of business and are not already supervised by the FCA or a professional body.
| Sector | Description & Thresholds |
|---|---|
| Money Service Businesses (MSBs) | Currency exchange, money transmission, remittance services not supervised by the FCA |
| High-Value Dealers (HVDs) | Cash payments for goods ≥€10,000 total (single or linked transactions); excludes card/bank transfers |
| Estate Agency Businesses | Property sales agency work; letting agents in scope from January 2020 where monthly rent is €10,000+ |
| Accountancy Providers | Bookkeeping, tax advice, accounting services not supervised by ICAEW, ACCA, AAT, ICAS, CIPFA, or IFA |
| Trust or Company Service Providers (TCSPs) | Forming companies, acting as directors/secretaries, providing registered offices (not FCA/professional body) |
| Art Market Participants (AMPs) | Art galleries and auction houses handling transactions of €10,000 or more |
| Tax Advisors | Providing tax advice as part of business where not supervised by a recognised professional body |
| Auditors & Insolvency Practitioners | External auditors, insolvency practitioners in certain circumstances |
Current HMRC fee schedule for 2025/26. Service costs vary based on business size, risk level, and scope. We provide transparent, competitive pricing with no hidden fees.
A £2,000 sanctions administration charge applies for all civil sanctions from 1 December 2025, capped at penalty value if less than £2,000. Civil penalties for failure to register can reach tens of thousands of pounds in serious cases. Elevate offers transparent, competitive service pricing with no hidden fees.
With over a decade of experience and 40+ qualified professionals across 7 global locations, Elevate Accounting & Auditing delivers AML compliance solutions that are precise, practical, and built for your business.
Quality management standards underpinning every engagement, ensuring consistent and reliable compliance delivery.
Established in 2013, with deep expertise in UK and UAE corporate tax, VAT, AML compliance, and audit services.
7 locations across UAE, UK, India, and the US — with 3,000+ clients across multiple jurisdictions and regulatory frameworks.
No hidden fees. Clear, upfront pricing with service packages tailored to the size and complexity of your business.
Businesses in regulated sectors — money service businesses, estate agents, high-value dealers, accountancy providers, art market participants, letting agencies, and TCSPs — that aren't already supervised by the FCA or a professional body must register with HMRC.
HMRC's target processing time is up to 45 days. Most businesses can trade whilst applications are processed, however MSBs and TCSPs must wait until registration is confirmed before commencing trading.
CDD (Customer Due Diligence) is the standard identity verification required for all customers. EDD (Enhanced Due Diligence) refers to additional checks required for high-risk customers such as PEPs, customers from high-risk countries, and complex or unusual transactions.
A Money Laundering Reporting Officer (MLRO) receives internal SAR reports and decides whether to escalate to the National Crime Agency. Many regulated businesses are required to appoint a nominated officer, depending on their structure, size, and regulatory obligations.
Yes. You can outsource MLRO services, compliance audits, policy drafting, and training to qualified providers like Elevate Accounting & Auditing. However, ultimate compliance responsibility remains with your business at all times.
You may face civil penalties (typically several thousand pounds, with some fines exceeding £100,000 in serious cases), a £2,000 sanctions administration charge, plus potential criminal prosecution and registration cancellation.
You must submit a Suspicious Activity Report (SAR) to the National Crime Agency when you know, suspect, or have reasonable grounds to suspect money laundering or terrorist financing activity involving a customer or transaction.
Your firm-wide risk assessment must be reviewed regularly and updated when business changes occur (new products, new markets, regulatory updates). Annual review is considered best practice by HMRC and recognised supervisory bodies.
Regulation 24 requires regular AML/CTF training for all employees, covering money laundering risks, red flags, policies and procedures, and SAR submission requirements. Training frequency depends on the employee's role and associated risk level.
Costs vary significantly based on business size, sector, risk profile, and service requirements — including HMRC registration fees, outsourced MLRO support, audits, policy development, and staff training. Contact us for a tailored quote with transparent, competitive pricing.
Don't risk civil penalties that can reach tens of thousands of pounds. Let Elevate handle your AML supervision, compliance framework, and ongoing support.
UK businesses are no longer waiting on the sidelines. Elevate Accounting & Auditing helps you enter the UAE market faster and fully prepared for growth.