Money Laundering Regulations Deadline for Accountancy Businesses

Businesses required under new regulations to identify and prevent money laundering and terrorist financing have until 30th September 08 to apply to register.

HM Revenue & Customs ( HMRC ) is reminding Trust or Company Service Providers (TCSPs) and Accountancy Service Providers (ASPs) that they must send in application forms by 30th September 08.

New guidance for TCSP s includes:

-  Non executive directors fall within the regulations only when they act as a director for firms with high risk business

-  Will-writing is outside the scope of the regulations.

New guidance for ASP s includes:

-  Customs practitioners fall within the regulations when they carry out accountancy services or provide tax advice

-  ASP s that fall within the regulated sector whose only customers are other ASP s who are supervised will not be required to register with HMRC when they fulfil certain conditions.

THE MONEY LAUNDERING REGULATIONS 2007

The new regulations came into effect in December 07 to:

-  bring new businesses under the supervision of HMRC

-  impose a new 'fit and proper' test for people in positions of ownership or control in MSBs and TCSP s

-  require businesses to implement risk-sensitive systems and controls to identify and prevent money laundering and terrorist financing

HMRC already supervises MSB s and High Value Dealers (HVDs) for compliance with existing Money Laundering Regulations. The new regulations extend this supervision to ASP s as well as TCSP s: 

-  MSB s need to register with HMRC unless they are already supervised by the FSA .

-  ASP s need to register with HMRC unless they are already supervised by a designated professional body.

-  TCSP s need to register with HMRC unless they are supervised by a designated professional body or FSA .

-  All HVD s are required to register with HMRC .

DEADLINES & REGISTRATION

The deadline for existing TCSP s to submit applications for registration is 30th September 08.

All ASP s not already supervised by one of the professional bodies listed in Schedule 3 of the regulations are required to be on the register by 1st January 09.

There is a registration fee of £95.00 per premise for businesses registering with HMRC .

There is a £50 fee per person for applicants for the fit and proper test ( MSB s and TCSP s only).

For further information please visit the HMRC website at: www.hmrc.gov.uk/mlr/reg-summary.htm or contact the HMRC Helpline on Tel: 0845 010 9000 (Monday - Friday 8am to 8pm).