Fines imposed by HMRC amounted to nearly £20,000
Businesses across Coventry were fined by HMRC(Image: iStock)
Several Coventry businesses have been fined for failing to comply with anti-money laundering regulations. HM Revenue and Customs (HMRC) publishes the names and addresses of those who have missed registration deadlines, along with the fines imposed.
Estate Culture on Holbrook Lane was fined £1,650, while Matthew James Property Services on Warwick Row faced a penalty of £2,750. Both breaches stemmed from failing to meet the registration deadline with neither company having filed an appeal at the time of writing.
Suttons (Austin Lee) Ltd, based at The Quadrant, was the Coventry company hit with the highest fine of £5,500 for breaching anti-money laundering regulations. J.L.O Properties Limited on Walsgrave Road was fined £4,500 for trading unregistered.
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Coventry Sales and Lettings Limited was fined £1,350 for failing to meet registration requirements. Agents Katherine Darton and Mark Butler were fined £1,450 and £2,750, respectively, for similar breaches of anti-money laundering regulations.
HMRC reported that 369 penalties have been issued, totalling £1,881,237. Included in this total are 170 for estate agents, 134 for accountancy providers, 11 for money service businesses, and 54 in other sectors, amounting to over £500,000.
Addresses listed may no longer reflect where the business operates or who is currently in charge. Some businesses may have new management or no longer operate as they did when the breach occurred.
A spokesman for HMRC said: “Anti-money laundering supervision is a vital line of defence for businesses against criminal exploitation. We are committed to helping businesses protect themselves, and we take action against the minority who fail to fulfil their legal obligations, as these penalties clearly show.”
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