The Economic Crime (Anti-Money Laundering) Levy (Amendment) Regulations 2023

Insertion of new Schedule

12.  After the signature block, insert—

Regulation 21

“SCHEDULE Table of penalty amounts

Column 1	Column 2
Regulation 20(1)(a)	£250
Regulation 20(1)(b)	£250
Regulation 20(1)(c)	Either— (a) £250; or (b) the amount which is 5% of the difference between the amount of levy paid as a result of the failure to make a complete and correct economic crime (anti-money laundering) levy return and the amount which the appropriate collection authority considers due, at the discretion of the appropriate collection authority.
Regulation 20(1)(d)	Either— (a) £250; or (b) the amount which is 5% of the difference between the amount of levy paid as a result of the failure to notify of an under-assessment of the levy and the amount which the appropriate collection authority considers due, at the discretion of the appropriate collection authority
Regulation 20(1)(e)	Either— (a) £250; or (b) the amount which is 5% of the difference between the amount of levy paid as a result of the failure to notify of a repayment that ought not to have been repaid and the amount which the appropriate collection authority considers ought to have been repaid, at the discretion of the appropriate collection authority.
Regulation 20(1)(f)	£300
Regulation 20(1)(g)	Such amount as may be determined by the appropriate collection authority at its discretion up to a maximum of £3,000.
Regulation 20(1)(h)	The amount which is 5% of the amount of levy which the appropriate collection authority considers due.
Regulation 20(1)(i)	£250
Regulation 20(1)(j)	A maximum penalty of £60 for each day on which the failure continues, such total amount to be determined at the discretion of the appropriate collection authority.
Regulation 20(1)(k)	The amount which is 5% of the amount of unpaid levy which the appropriate collection authority considers due.”.