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Post Info TOPIC: New money laundering regulations from 26th June 2017
Leger


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New money laundering regulations from 26th June 2017
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That's today folks.

It's not been mentioned here previously, but from today, all businesses that are required to register for AML, have to have a written policy of their controls and procedures they use in assessing their clients.  Other changes include anyone with a previous criminal conviction that is listed in Schedule 3 of the act can no longer act as a manager, director or beneficial owner of a regulated business.

Here's an article from David Winch which discusses it in a bit more detail http://www.accountingevidence.com/blog/2017/06/money-laundering-regulations-2017/

or if you fancy a bit of light reading http://www.legislation.gov.uk/uksi/2017/692/pdfs/uksi_20170692_en.pdf

 



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John 

 

 

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Cheshire


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Thank you John (on behalf of everyone who reads BKN!)

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

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Shamus


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Oops, Cheers John.

No excuse, sloppy moderating.

Thanks again and appologies for not saying so before.

All t'best matey.

Shaun.

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Shaun

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Leger


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Thanks Guys, no need to apologise Shaun, it was just to make folks aware.  The first I knew about it was a week before on Aweb and then a posting on the day of the change.  Has anyone been notified from HMRC or their supervising body?  I haven't (HMRC) and for such a big change you would have thought they would at least notify you.



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John 

 

 

 Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
Artois


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Glad Joanne bought this back up and cheers John for the original post, when you posted it I read it on my phone and kept meaning to look at the links you provided but forgot all about it, the first I knew about any changes was this post and no I have had no notification from HMRC from whom I do my MLR.

Gonna have a look now at the links provided and see what changes I have to make

Cheers 



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Doug

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Leger


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All I can say is that HMRC must be reading my posts because I got an email at 11.38 this morning informing me of the new requirements!! 



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John 

 

 

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Artois


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Leger wrote:

All I can say is that HMRC must be reading my posts because I got an email at 11.38 this morning informing me of the new requirements!! 

 Just read this and checked my emails and I have one from HMRC to at 11.38

How do feel John being the new voice for HMRC?



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Doug

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Cheshire


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lol. The good old Business help and support emails which can take over your email inbox! The ones we have all sodding day to read. Although you shouldve had notification on an email yesterday entitled

''HMRC Anti Money Laundering Supervision Alert''. If you didnt and want to know thw content of that one give me a shout and I will post it.

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
Leger


Master Book-keeper

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Hi Joanne

Yep, got that one, but it gave you zilch details about the new regs.  The one today, which you rightly point out was part of the business help and support emails, could have been assumed to be general bumph until you read it.

Should have been sent out Monday with a proper headline.  (only became law the previous Thursday, talk about cutting it fine lol)



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