HMRC News Briefing: New anti-money laundering training films now available for property sector
In a first for HM Revenue and Customs’ (HMRC) Economic Crime Supervision Team, HMRC has published new resources on GOV.UK to help businesses meet their anti-money laundering (AML) training obligations.
The materials comprise:
- two new training videos
- transcripts for accessibility
- accompanying discussion documents, designed to help businesses use in training sessions, which relate the films’ events to the AML responsibilities for the viewer’s own workplace.
The videos’ two fictional scenarios, acted out in estate agency and art market business settings, reflect common compliance mistakes seen in businesses supervised by HMRC for AML. The films – each under 15 minutes – are scripted drama reconstructions showing ways businesses might make poor compliance decisions and the possible consequences. While set in specific industries, the lessons can be applied broadly across all sectors potentially at risk from money laundering. Those HMRC supervises under the Money Laundering Regulations (MLRs) include estate and letting agency businesses, the art market sector and Money Service Businesses which aren’t otherwise supervised by a professional body or the Financial Conduct Authority (FCA).
Businesses registered with HMRC under the MLRs are required to train staff on how to identify risks, which processes to follow, to maintain that knowledge through refresher training and to keep training records. The new resources are designed to provide an accessible and engaging way to fulfil those obligations, strengthen understanding of legal responsibilities and help reduce the risk of non-compliance.
The films and supporting materials are available now. Businesses should contact HMRC if they are covered by the Money Laundering Regulations and have any questions about money laundering, these training materials or want to make a money laundering disclosure. Details on how to contact HMRC can be found on GOV.UK.
Louise MacDonald, HMRC Deputy Director, Economic Crime, said:
“We want to make it as straightforward as possible for businesses to comply with their anti-money laundering obligations, including training their staff. These new resources are a practical, engaging tool to help them do exactly that.
“These training films represent a genuinely fresh approach to supporting the businesses we supervise. Compliance with the Money Laundering Regulations protects businesses, their customers, and the wider economy.”
Kindly shared by HM Revenue & Customs
