The Government has introduced an economic crime levy (ECL) to fund the fight against economic crime.
The levy will be collected for the Government by HM Revenue and Customs (HMRC), the FCA, and the Gambling Commission.
The ECL will apply to AML-regulated businesses including:
auditors, insolvency practitioners, external accountants, and tax advisers
independent legal professionals
trust or company service providers
estate and lettings agents
high-value dealers, casinos, auction platforms, and art market participants
crypto asset exchange providers and custodian wallet providers
We are responsible for collecting the levy from those firms that sit within our regulated population or are registered with us.
Impacted firms (those who were subject to the money laundering regulations between 6 April 2022 and 5 April 2023) will see the new levy appear on invoices from July 2023.
The levy will be paid annually and determined by a firm’s UK revenue.
To ensure firms are charged the right amount, all impacted firms must submit their data via the new Reg Data Report (FIN074) from 1 April. A failure to submit in time may result in a £250 administrative fee.
Those firms registered as Annex 1 financial institutions only will receive a letter to report their data.