HM Revenue & Customs (HMRC) in the UK has announced a digital system for anti-money laundering
Due to launch in 2017, the online platform will enable businesses to register and renew their details online and also complete updates and payments.
According to HMRC, the system will cut down on errors and rejected applications. It will identify these problems instantly, removing the need for forms to be returned for re-submission.
The tax authority also said the new technology will be more effective in serving customer needs, owing to the fact that it has been through a testing process with businesses that offered feedback on how they thought the process should work.
Under the current system, companies registering with HMRC for AML supervision for the first time are required to complete a form online, print it off and post it to the tax body. Those renewing are sent a letter and asked to respond by post.
"We know that this causes delays," HMRC said.
Organisations using the new digital platform for the first time will have to submit their details in full, regardless of whether they are already registered or are registering for the first time. The submission can be completed over a period of 28 days, meaning firms don't need all of their information to hand at one time.
The system will store details to make it easier for companies to complete quick, paperless renewals. It will require an online ID, which firms can acquire by registering on the Government Gateway
HMRC will be in touch with the business community when the scheme is ready to launch.
Cracking down on forms of corporate misconduct like money laundering and tax avoidance were among the pledges made by Theresa May when she assumed the role of prime minister in July this year.