HMRC ECS Registration
HMRC Economic Crime Supervision Authorisation
Money services businesses provide currency exchange and conversion services for individuals and organisations. Operating a money services business involves compliance with a complex legislative environment, and in particular with Anti-Money Laundering (AML) regulations, as such businesses are particularly at a risk of being used to commit financial crime – money laundering, online scams, terrorist financing, etc. Hence, such businesses need to register their business with the HMRC to meet their obligations under Money Laundering Regulations. The registration is required for every business entity and every trading branch or Agent of each business entity.
Calyx Solutions UK Ltd provide confidential consultations for clients with HMRC AML Supervision/Economic Crime registration needs, to setup and conduct a Currency exchange business. The Registration process involves filling up an online application form with the details requested. This application is then reviewed by an HMRC case worker, who may request for further details or approve/reject the application depending on how well motive and ability to conduct the business has been explained through the details provided. We handle the application process from the initial stages to the end until the client is authorised and granted a license to conduct the business.
Once the initial conversation between us goes through successfully – where we are satisfied with your eligibility to conduct a money service business, meet HMRC fit and proper criteria and the client agrees with the application process followed and the relevant fees charged. We will then provide guidance and support on the below key areas:
- Filling in the Application form:
We will liaise with you for the details requested on the form so as to provide correct and true details to the HMRC. Based on our experience, we will advise on the best ways to fulfill the requirements of the HMRC regarding the business plan and activities to be carried out, net profit projections, eligibility criteria in terms of work experience, fitness and propriety of the Responsible persons to be in charge of the business.
- Follow up Queries:
Once the application form is submitted, we will assist with any queries raised by the case worker reviewing your application. Such queries may be raised via emails or a personal visit by them to your office premises.
- Changes in circumstances:
The HMRC need to be notified of any changes in the business name, address, agency status, directors appointment or opening or closure of branches. Failure to do so can result in a fine/penalty being charged to the business. We assist with notifying the HMRC about such changes in a timely manner once we are made aware of the same.
- Annual Renewal:
We also provide assistance with annual renewal of registration.
Who do not require ECS registration?
As per HMRC provisions, a business setup where currency exchange is not the main activity are allowed to trade up to GBP 100,000 or 5% of total turnover of main business, without registering or applying for a license from the HMRC. We will assess your business scenario and accordingly advise on how to proceed.
Fees Charged by the HMRC:
The fee charged for the application is GBP 300.00 per year, per location where the business will be carried out from.
Fit and Proper tests for directors: One-off fee GBP 150.00 per person to be appointed as the responsible person.
Our knowledge of HMRC AML/ECS requirements enables our team to support you and your business, provide effective solutions to any problems you face and help you to devise and implement strategies that work for your business and your customers.