MLR8 - The Book-keepers Forum (UK)

Jill Hicks · Member

MLR8

kjmcculloch · Guru

I know you're not meant to write "cos the ICB told me to"

I remember reading that in one of their newsletter.

Kris

ICBUK · Guru

Hi Jill,

Check out the MLR section on the ICB website: http://www.bookkeepers.org.uk/mlr

More specifically there is an article on how to complete the MLR8 here: http://www.bookkeepers.org.uk/News/638

Don't foreget you have access to free Anti Money Laundering Regulations support on 0845 060 2345 for help on these things.

Hope this helps.

Suffolker · Senior Member

Hi James,

Just wondering if we are allowed to know what happens when someone is investigated by the ICB regarding their MLR? Do you just ring and ask questions or does someone just turn up?

Thanks

ICBUK · Guru

Hello,

If you are chosen for a visit/inspection, it would be someone visiting you. You get a period in which to organise a meeting (normally 7 days notice and 2 weeks to make the appointment), the inspectors are very friendly and obviously on your side and here to help.

Suffolker · Senior Member

Thanks James that's good to know

BackOfficeGroup · Guru

James

Do you get charged for an inspection? I kinda remember someone else having one from another assoc and being charged for the privelege.....

P

ICBUK · Guru

The others probably do, the ICB do not charge for the first visit.

If however, your not following the rules, you will be given time to sort yourself out and then another visit will be organised, for which you will be charged.

But I am sure everyone is fully compliant (at least I hope the ICB members are), if you get told about a visit you still get 2 or so weeks to sort yourself out so there should not be any need for a second visit. They are rare with ICB members (I think only 2)

Wella · Expert

ICBUK wrote:
The others probably do, the ICB do not charge for the first visit.

Hi James

That's not how it reads on the website

Extract:

"32C. ......The monitoring visit will be conducted by a representative appointed by the Institute at the Members expense. .....

.................

(c) Promptly reimburse the Institute for the costs of the monitoring visit by the representative undertaking the monitoring visit on the Member"

It does not mention a free first visit, and to be honest has always been a concern to me that the amount of expenses is open ended. In my v small practice, it has the potential wipe out any profit made.

Bill

ICBUK · Guru

I think that is talking about misconduct visit, i.e. a second visit, or visit caused by some other non compliance.

However, it was written by barristers and I maybe miss understanding, or they might have miss understood the ICB compliance team policy.

Basically you will not be charged for the first visit. The second visit (if required) will be charged at £250 + travel for the compliance officer.

-- Edited by ICBUK on Wednesday 13th of October 2010 02:08:41 PM

Wella · Expert

ICBUK wrote:
.............will be charged at £250 + travel for the compliance officer.

Thanks for clarifying that James.

Still a bit nervy about the "+ travel" expenses, should it ever arise!! Hope ICB have someone local, who wont want a jolly down to the west country for a long week end

Bill

ICBUK · Guru

They come from France (only kidding biggrin

)

Yeah normally not too far, we have quite a few officers dotted evenly around the country.

attilabenko · Guru

Hi Bill,

Members in Cornwall in the summer be aware, travel costs might include hire of caravan/camper van ;))

Wella · Expert

Good job I'm up to date evileye

cant afford to subsidise the whole compliance team with a surfing holiday

Bill

-- Edited by Wella on Wednesday 13th of October 2010 06:00:44 PM

Suffolker · Senior Member

Does the ICB do random checks then James or is it just the suspicious/dodgy people you investigate?

By the way its good to have you on here, means we can pick your brains biggrin

-- Edited by Suffolker on Monday 18th of October 2010 10:05:51 AM

ICBUK · Guru

Hi,

Currently it is random, however I believe the Treasury want it less random, more targeted.

However, if you ring up and say you refuse to do any MLR then your probably going to receive an inspection smile

By the way, calling and asking how to fill out a form is not what the ICB regard as dodgy, as the fact you called shows you are doing compliance.