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Finance Bill 2022 introduces an Economic Crime (Anti-Money Laundering) Levy payable as a fixed fee by entities subject to the Money Laundering Regulations and based on entity size. Small entities will be fully exempt. 

The levy will be paid by entities that are registered for Anti-Money Laundering (AML) purposes under the Money Laundering, Terrorist Financing and Transfer of Funds Regulation 2017 that are medium, large or very large in size based on their UK revenue.

Size

UK revenue

Levy

Small

Under £10.2m

-

Medium

£10.2m and £36m

£5,000 to £15,000

Large

(£36m - £1bn)

£30,000 to £50,000

Very large

Over £1bn

£150,000 to £250,000

 

Sums payable are to be proportionately adjusted if the relevant accounting period of the entity is a period other than 12 months or is unregulated for part of the period.

The sectors that the government expects that will be impacted are:

The levy will be collected by the three public sector AML statutory supervisors: the Financial Conduct Authority, HM Revenue & Customs and the Gambling Commission.

External links

Draft legislation and explanatory notes

Policy Paper Economic Crime (Anti-Money Laundering) Levy


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