In the UK, the fight against money laundering is a shared responsibility across the economy, requiring all relevant businesses to recognise and report suspicious activity. To ensure compliance, the UK has established a clear regulatory framework, with specific supervisory bodies overseeing different sectors. Registering with the appropriate authority is a legal requirement for many organisations.
SmartSearch provides a comprehensive AML and compliance platform, enabling businesses to manage all aspects of their anti-money laundering responsibilities. From robust KYC checks to sanctions and PEP screenings, the platform simplifies the registration process with the relevant regulatory bodies while ensuring due diligence is met.
Anti-money laundering checks, or AML checks, are measures introduced by the government to prevent illicit economic activity. Depending on the sector, these checks can involve verifying customer identities, monitoring transactions, and filing suspicious activity reports when necessary.
The importance of AML checks cannot be overstated. According to the Economic Crime and Corporate Transparency Act, money laundering costs the UK economy around £100bn each year. Beyond protecting the economy from criminal activity, AML compliance safeguards businesses from legal consequences and reputational damage, while demonstrating trustworthiness to clients and regulators.
AML registration is the process of signing up with a supervisory authority to confirm compliance with regulations. It ensures businesses have the right policies in place to mitigate risks and are subject to regular audits. Certain sectors are required by law to register, including accountancy services, legal services, estate and letting agents, tax advisers, financial institutions, gaming operators, cryptocurrency providers, trust or company service providers, and high-value goods or art dealers.
There are three main UK supervisory authorities for AML purposes: HMRC, the Financial Conduct Authority (FCA) and the Gambling Commission.
HMRC oversees non-financial businesses engaged in high-risk transactions, such as estate agents, accountancy firms, trust or company service providers, high-value dealers and bill payment providers. Registration involves creating a Government Gateway account, submitting an application with relevant AML policies, paying the fee, and awaiting approval.
The FCA regulates financial institutions including banks, mortgage providers, wealth managers, certain credit advisers and cryptocurrency providers. Registration is completed via the FCA’s Connect system, with applications requiring AML documentation, governance details and financial forecasts. Approval can take several months.
The Gambling Commission supervises the gambling sector, including casinos, betting shops, bingo halls, lottery operators and online gambling businesses. AML registration is built into the operating licence application process and requires risk assessments, AML policies, training evidence, and payment of the licence fee.
Failing to register with the relevant AML authority can lead to significant consequences. HMRC may impose financial penalties, the severity of which depends on the nature of the breach, past compliance record and reason for non-compliance. Public disclosure of breaches can also damage trust with customers and business partners.
SmartSearch offers a digital compliance toolkit to make AML obligations easier, from KYB checks to enhanced due diligence screenings. Its platform integrates seamlessly into existing systems, making compliance efficient and straightforward.
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