Are you prepared for the UK Economic Crime Levy?

This online course will provide an in-depth understanding of the Economic Crime Levy (ECL), which is a new levy introduced by the UK government to raise funds for anti-money laundering and economic crime-tackling capabilities.

HM Treasury published draft regulations, together with an explanatory memorandum, on 28 February that will revise and make further provision for the assessment, payment, collection, and enforcement of the Economic Crime Levy (ECL).

The aim of the levy, which will be paid by the anti-money laundering (AML) regulated sector, is to raise £100m a year to help fund "new and uplifted" anti-money laundering and economic crime-tackling capabilities in line with the government's objectives under its 2019 Economic Crime Plan.

What entities will be required to pay the ECL and what steps will they need to take to comply with the ECL process based on the latest guidance from HMRC and the Financial Conduct Authority (FCA)?

By the end of this course, you should be able to:

1. Understand the purpose and scope of the Economic Crime Levy (ECL) introduced by the UK government, including its objectives under the 2019 Economic Crime Plan
2. Identify which entities are in scope of the ECL and understand the classification criteria based on their UK revenue
3. Identify which body will collect the ECL for an entity, based on its AML regulation status, and the procedure to follow
4. Understand the data submission and invoicing process for entities regulated by the FCA, and the potential administrative fee for failure to submit data in time