I received the newsletter from the ICB today and there was an article about a company who received a fine from the FSA for poor MLR totalling £49,500!!!!
This probably was for a large company however show the FSA are serious about proper record keeping and MLR.
Hey, I received that newsletter too. It was a £4,000 fine + 10% of your companies turnover. So its deffiantely best to pay the MLR fee! The Inland Revenue are putting there fee up from £90 to £120 from June.
As an Accounting Service Providers (ASP), Do we need to register with HMRC for MLR if we are not monitored by any professional bodies ( for example CIMA, ACCA, ICAEW...)?
As an Accounting Service Providers (ASP), Do we need to register with HMRC for MLR if we are not monitored by any professional bodies ( for example CIMA, ACCA, ICAEW...)?
AT the moment I have a level 1 manual certificate with the ICB so as I am not a practising member yet I registered directly with regards to money laundering in March this year with effect from the 1 April so I am not sure that the deadline is true. Although I only started trading with effect from the 1 April so the deadline wouldn't have been applicable to me.
Terri
-- Edited by Terri on Wednesday 27th of May 2009 02:20:11 PM
-- Edited by Terri on Wednesday 27th of May 2009 02:21:06 PM
the deadline for registering was officially 31st December 2008. In terms of the MLR regulations not only should we, as bookkeepers be keeping the proper records but we should also be paying due diligence to our clients,know about their businesses and know that they are recording the correct income,expenditure etc in terms of understating, overstating etc. Failure to be aware of all of this could result in prosecution. There's alot more to MLR than we might think.
Hello, I am a self employed bookkeeper and have no formal qualifications. Do you think I need to register as a ASP with HMRC? having read their notes on the website they mention Professinal bookkeepers. What do you think?
It can take up to 45 days to receive your MLR certificate from HMRC, it only took me a couple of weeks, and you cannot trade as a bookkeeper without it.
You need the form MLR 100 which is available on the HMRC website and you need to complete it and send it off with a cheque I think for £95.
I think the cost is now £120. Also,it is advisable to be familiar with the MLR regulations particularly in regards to maintaining clients accounting records as there are heavy penalties for not following regulations.
