The Government has introduced an economic crime levy (ECL) to fund the fight against economic crime.
The FCA are responsible for collecting the levy from those firms that sit within their regulated population and meet the qualifying requirements to pay (revenue based criteria). To ensure firms are charged the right amount, all impacted firms must submit their data via new Reg Data Report (FIN074) from 1 April.
The FCA are warning firms that a failure to submit in time may result in a £250 administrative fee.
More information about the ECL can be found here:
https://www.gov.uk/government/publications/economic-crime-anti-money-laundering-levy/economic-crime-anti-money-laundering-levy
https://www.gov.uk/government/publications/economic-crime-anti-money-laundering-levy/economic-crime-anti-money-laundering-levy