Economic Crime Levy: Who Qualifies and What You Get

The Economic Crime Levy is a mandatory fee paid by specific businesses to support national efforts against financial crime within the United Kingdom.

👤Who it's for

This levy is specifically for businesses that are subject to Anti-Money Laundering (AML) regulations. If your business operates in a sector that requires you to follow these specific anti-money laundering rules, you may fall under the scope of this requirement.

🎁What you get

By paying this levy, your business achieves compliance with the national anti-money laundering framework. This framework is part of the broader regulatory landscape designed to prevent financial crimes and ensure that businesses operating in the UK are contributing to the security of the national financial system.

💰What it costs you

There is a mandatory annual fee associated with this levy. The amount you are required to pay is not a fixed flat rate for everyone; instead, it is calculated based on your business turnover. For businesses that meet the criteria, the cost starts at £10,000. You should review your specific turnover figures to determine the exact amount required for your annual payment.

⚠️The catch to know

The most important thing to understand is that this levy does not apply to every business subject to AML regulations. There is a specific financial threshold: it only applies to businesses that have UK revenue exceeding £10.2 million. If your business earns less than this amount in UK revenue, you may not be required to pay this specific levy.

📝How to apply

1. Review your business's total UK revenue to see if it exceeds the £10.2 million threshold.
2. Confirm that your business is currently subject to Anti-Money Laundering (AML) regulations.
3. Calculate your required annual fee based on your current business turnover.
4. Visit the official portal to find specific guidance on the payment process and documentation.

https://www.gov.uk/government/publications/economic-crime-levy