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01.02.2008 Money Laundering Regulations -
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Money Laundering Regulations |
From 15th December 2007 new money laundering regulations came into force to ensure the UK’s response to money laundering and terrorist financing is effective and proportionate.
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WHAT BUSINESSES WILL BE INVLOVED WITH HMRC? |
- Money Service Businesses (MSB) e.g. Bureau de Change; cheque cashiers and money transmitters.
- High Value Dealers.
- Trust or Company Service Providers (TCSP)
TCSP’s include company formation agents, mailbox services, interim managers and agencies providing company directors.
- Accountancy Service Providers (ASP)
ASP’s include payroll agents, accountants and bookkeepers, as well as management accountants and accounting technicians who are not members of certain professional bodies, i.e. not those who are supervised by professional bodies such as the law society or one of the designated accountancy bodies.
All four business areas will need to put in place changes to make sure they comply with the new rules.
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WHAT WILL BUSINESSES HAVE TO DO? |
- If your business falls under one of the four categories - you will need to put in place anti money laundering controls and register with HMRC.
- MSB’s and TCSP’s: every individual who runs or owns the business will need to apply for a new fit and proper test. This test has also been introduced to disrupt criminal access to these sectors. If the individual fails the test the business will be refused registration.
For more information:
To find out if you are affected by the Money Laundering Regulations go www.hmrc.gov.uk/mlr
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