FCA to collect economic crime levy from July

The government has introduced the Economic Crime Levy (ECL) to fund the fight against economic crime (Anti-Money Laundering). This is to be introduced in July and will be collected by HMRC, the FCA and the Gambling Commission. The ECL will apply to AML regulated businesses including credit institutions and financial institutions. It will be collected annually and the FCA has advised that all impacted firms must submit their revenue data via a new RegData Report from 1 April to ensure they are charged correctly.

Source: FCA