I will be starting my bookkeeping business in January and am rather confused by the new money laundering regulations that took effect on 15 December. It looks like bookkeepers need to be registered etc.
Can anyone let me know what is required and what actions you take in respect of new clients etc
The new Money Laundering Regulations came into force from the 15th December 2007. Book-keepers who provide professional book-keeping services to third parties (paying clients) fall within the legislation and are classed as an Accountancy Service Provider (ASP). You must register with an approved supervisory authority to be monitored for compliance with the money laundering legislation. Examples of supervisory bodies include the Association of Chartered Certified Accountants (ACCA), The Institute of Chartered Accountants in England & Wales (ICAEW) and The Institute of Certified Book-keepers (ICB).
If you are not a member of one of the approved authorities, you will need to register with the HMRC by the 1st April 2008. All applications for HMRC to be a supervisory authority must have been received by 1st July 2008. You need to ensure you have completed form MLR100 by this date. The form and further information can be obtained from the HMRC website at www.hmrc.gov.uk.
Thanks to you both. I guess I will be OK if I register by July next year.
Apart from registering I would be interested to know what other actions members are undertaking with new clients. There seems to be a lot of details to read through on the regulations which I will have to read over Christmas. In the meantime any pointers would be really appreciated.
I purchased the ICAEW's anti-money laundering procedures and training manual. It costs £94.00 for non-members and is available from http://www.icaew.com/index.cfm?route=150055.
It includes all the main forms and checklists you need to comply with the new legislation and rules which I found useful.
