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Post Info TOPIC: Money Laundering - Advice
rhodes


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Money Laundering - Advice
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As a self employed bookkeeper what advice would you give me regarding Money Laundering Regs???
Do you check every client???? I havent checked any of mine?? but none are big companies just small local businesses.
Im just wondering now if I should be doing something regularly reagarding the above that obviously I am not.

Ta, Rhodes. confused

-- Edited by rhodes at 16:10, 2008-09-11

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Wendy


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Hi Rhodes,

You need to verify the identify of new clients and regularly review that of current clients. You need evidence that they are who they say they are. I normally get a copy of a passport and utility bill for proof of address for new clients. If an existing client changes the way they run their business e.g. they take on a new partner I get the same info from them. For your existing clients it's probably ok to make a note that you have reviewed their files to ascertain their identity etc. I'd do this on an annual basis.

Wendy



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rowets


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Hi,

I am an ASP (Accountancy Service Provider) as classified by the regulations because I offer Accountancy and Bookkeeping services on a self-employed basis.  However, I am a member of the AAT and so I presume I am exempt from registering with HMRC and paying a fee because the AAT is one of the professional bodies listed in Appendix A of the HMRC MLR9 Registration Notice?  However I too will be requiring verification from any new clients as Wendy suggests and I am seriously considering asking for the same from existing clients.  But I do find the prospect of having to do this a little, well, embarrassing I suppose, asking clients for proof of identity?  Especially existing ones!  Does anyone know of a 'standard' letter template anywhere that could be used to send to clients that is diplomaticaly and sympathetically worded?

Regards,
Tim


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Tim Rowe
TSR Accountancy & Bookkeeping Services
rhodes


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Wendy

Thanks for your advice on this area.

Tim - i do agree with yourself but I suppose this is a rule and regulation we must follow.

Good point also as I too would be interested to see some standard template someone uses in this area if that would be ok?

Wendy - thanks once again

Rhodes

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rhodes


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PS and yes you are correct if you are registered with a professional body then you dont have to pay the fee to the Inland Revenue, of course providing that the professional body you are with is on the 'OK' list..haha
Im sure the AAT is although I am with the ICB.

Rhodes.

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rowets


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Yes the AAT is in the 'list' so we are safe.  However, if you are only a Student member then you still have to register with HMRC and pay your dues! (£95) and you must do it before the end of September..

Tim

-- Edited by rowets at 14:58, 2008-09-12

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Tim Rowe
TSR Accountancy & Bookkeeping Services
Julie


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I have just received this morning a very thick folder from the ICB regarding MLR. 

It contains all you need to know about the regulation, what to look for, how to comply with the ICBs policing of the regulation for its members in practice and template compliance forms, check lists etc., 

I am assuming that anyone who is a member of an association / institution such as ICB, IAB or AAT will receive a simliar pack. 

Happy reading !

Julie

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rhodes


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I am a member Julie so hopefully should be receiving the documents soon. I did notice on their website it said members would be receiving info soonso i guess it is all on its way out now!!!!
Thanks. Rhodes.

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