➡️ The report outlines the businesses that received penalty notices between 1 October 2024 and 31 March 2025 due to failing to comply with the regulations.
➡️ A high proportion of the penalties relate to failing to apply for registration at the required time.
➡️ No prohibitions on individuals holding management positions were made during the period.
✅ Firms should review their wider obligations under the MLRs, ensuring each requirement is addressed by a robust control or framework to avoid facing similar penalties and public scrutiny.
AML/CTF/CPF
Industry News
