Luxury department store Harvey Nichols has been fined £175,000 by HM Revenue & Customs (HMRC) for anti-money laundering (AML) failures.
The London-headquartered premier fashion retailer received the fine for “failures in carrying out risk assessments, having the correct policies, controls and procedures, appropriate staff training, conducting due diligence, and record keeping,” according to HMRC.
Data published on 20 November 2024 reveals that between 1 October 2023 and 30 December 2023 last year, HMRC imposed a total of £1.85m in fines for non-compliance on businesses registered with it for AML supervision.
Figures show that financial penalties issued to firms for non-compliance started from £1,250. The fine handed to Harvey Nichols was the largest received by any business that received a penalty notice from HMRC over the three-month period.
Manchester-based property investment company Carrick Real Estate received the second largest fine (£52,000) for “failures in failing to apply for registration at the required time”.
Commercial property investment and development advisory firm Stonehill Partners, based in London, was fined the third largest financial penalty (£48,867) for the same failure.
As a supervisor of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), which came into effect on 26 June 2017, HMRC must publish details of businesses that do not comply with the regulations.
Find the full list of businesses registered with HMRC that were fined for failing to comply with AML regulations by clicking here.
Earlier this year, HMRC fined 250 estate agency firms more than £1.6m for AML breaches.
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We can help organisations of all shapes and sizes from across different sectors undertake a review of their policies, controls, and procedures to ensure that they are compliant with AML regulations and, therefore, avoid any breaches.
A review of this nature provides valuable insight into a business when performed correctly. Along with an overview of risk, these crucial assessments also highlight issues within the business, so it is essential to undertake a proper review. All of a company’s building blocks must be considered, including its staff, clients, operations, and finances.
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