Money Laundering Regulations
The new money laundering regulations have extended to include all accountancy services.
This extends the regulations to all bookkeepers, administrators and payroll providers and indeed anyone who is offering any level of accountancy services to other businesses.
If this applies to you then you must be registered by 1 October 2008. IAgSA members can benefit from registering with the Institute of Certified Bookkeepers (ICB) for the additional cost of £75. If you are not a member of IAgSA then you must register with HM Revenue & Customs at a cost of £120.
The ICB Renewal Procedure for IAgSA Members
Sally Lemonius, our IAgSA Council Representative for Money Laundering has compiled below for all IAgSA Members the renewal procedure of your money laundering licence through ICB:
When your ICB money laundering membership is due for renewal you will be sent an e-mail from ICB on the 1st of the month and then a follow-up e-mail on the 17th of the month. If you do not receive your e-mail please check that ICB have your correct e-mail address and also please check your spam box as some do end up there.
It is necessary that you complete your MLR 8 Annual Report form which you can download from the ICB website. Soon you will be able to able to complete the MLR 8 on line, which will make things much easier, but in the mean
You must then send your MLR8 form and cheque for £75 to ICB for your renewal and they will send you your new supervision licence. If you do not renew by the date you will receive a letter from them telling you to do so immediately.
Please note if you do not want to continue registration through ICB you must give them one month’s notice in writing otherwise you will be charged £45.
If you are late renewing you are liable to a £50 fine because it is illegal to practise without a supervision licence.
Additional helpful tips and pointers for meeting money laundering requirements:
(a) There are very good tips on the ICB website on how to fill in your MLR8 form – a list of “do’s and don’ts” click here
(b) If you take on a new client don’t forget to do a risk assessment and a due diligence report for the client.
(c) HMRC are tightening up of this now it has been in force for a few years. If you prefer to register direct with HMRC they also have a good helpline. The cost for this is £110 annually with an initial joining fee on top. For further information about money laundering regulation please click here for the HMRC website.
Point of Contact for IAgSA members: Sally Lemonius is very happy to help IAgSA members with the administration of the ICB scheme, so if you have any further queries or concerns please do not hesitate to contact Sally direct at sally.lemonius@sky.com or you can contact Emma or Jane at the IAgSA National Office on 01926 485543.