The UK’s anti-money laundering (AML) framework places a clear responsibility on businesses to identify and report suspicious financial activity. To support this, companies in certain sectors must register with the appropriate supervisory authorities to ensure compliance with these regulations.
SmartSearch provides an AML and compliance platform designed to make meeting these obligations easier for businesses of all sizes. The solution includes KYC checks, sanctions and PEP screening, and enhanced due diligence, allowing firms to integrate compliance seamlessly into their operations.
AML checks are government-led measures to prevent illicit financial activity. They typically involve customer verification, transaction monitoring, and suspicious activity reporting, with the exact process varying depending on a company’s sector and customer base.
The UK government estimates that money laundering costs the economy around £100bn annually, according to the Economic Crime and Corporate Transparency Act. Effective AML checks protect not only the wider economy but also safeguard individual businesses from legal repercussions and reputational damage, demonstrating reliability to regulators and clients.
AML registration is the process of signing up with a supervisory authority to confirm compliance with AML regulations. It is mandatory for certain businesses, particularly in financial services, and ensures that they have the right policies in place to prevent financial crime.
The rules apply to a wide range of sectors, including accountancy services, legal services, estate and letting agents, tax advisers, financial institutions, gaming operators, cryptocurrency providers, trust or company service providers, and high-value goods or art dealers.
In the UK, there are three key authorities that businesses may need to register with for AML purposes: HMRC, the Financial Conduct Authority (FCA), and the Gambling Commission.
HMRC oversees AML compliance for non-financial businesses involved in high-risk transactions. This includes estate and letting agents, accountancy service providers, trust or company service providers, high-value goods or art dealers, and bill payment providers. Registration involves creating a Government Gateway account, submitting an application form with AML policies, paying a fee, and awaiting approval.
The FCA regulates many financial sector firms, such as banks, mortgage providers, financial advisers, wealth managers, some credit advisers, and cryptocurrency providers. Registration is done through the FCA’s Connect system, requiring AML policy documents, governance structures, financial forecasts, and an application fee. The approval process can take several months.
The Gambling Commission is responsible for AML oversight in the gambling industry, covering casinos, betting shops, bingo halls, lotteries, and other gambling businesses serving UK customers. Registration is part of the operating licence process and requires an AML risk assessment, supporting documentation, and proof of relevant staff training.
Failing to register with the relevant AML authority can lead to financial penalties, public notices of non-compliance, and significant reputational damage. HMRC fines vary depending on the offence and compliance history, while the FCA and Gambling Commission can take enforcement action, including licence revocation.
Partnering with providers such as SmartSearch can help businesses meet their AML obligations efficiently, reducing the risk of penalties and ensuring regulatory confidence.
Copyright © 2025 RegTech Analyst
Copyright © 2018 RegTech Analyst
