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Post Info TOPIC: Registration with IAB in respect of Money Laundering Regulations
Sozzybobs


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Registration with IAB in respect of Money Laundering Regulations
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I am having to renew my compliance certificate in respect of the Proceeds of Crime Act and Money Laundering Regulations with the IAB.  This year they want to see eveidence of procedures undertaken for risk assessing and confirming status of clients.  I am a self-employed bookkeeper doing very little work, in fact, about an hours a week for my husband, who runs his own business, and I will soon start to do a friends books for maybe a couple of hours a week.

Can anyone give me any advice as to the kind of documents I need to have in place?  Or is there any other supervisory body anyone could suggest who doesn't need so much paperwork in place?  I'm stressed that if they inspect I won't be prepared for their visit.

I know its something I have to do but for a busy mum who only works a few hours a week it seems more hassle than anything else!

I would be grateful for any suggestions.

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Sozzybobs
Wella


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Hi

I'm not that familiar with IAB procedures but have found this page on their website

http://www.iab.org.uk/moneylaundering.asp

I am with the ICB who produce a procedures manual and compliance forms to complete (annually). There is now a move from all supervisory bodies to fine members for non compliance and completion and return of neccessary forms.

The basic things you need to get from clients, are proof of identity (photo driving licence etc) and proof of address (Official correspondence showing the clients name and address, the photo driving licence covers both). Shouldn't be difficult as you are married to your client.

It is another of those bits of red tape we are legally required to comply with and by all accounts may get worse with the possible introduction of Anti Bribery legislation we may have to comply with also.

Bill

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ICBUK


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Hi Sally,

Unfortunately all supervisory bodies require this information now.

Have you called IAB for help on this?

Basically you need to have a file on each client that lists the kind of due diligence you have done (client identification, have you taken copies of photo ID etc) and why you have chosen that level of due diligence.

There are manuals and forms out there to help you complete these files, I am unsure if IAB produce them, try ringing them. Otherwise you could Google it, there are some good ones from £99 + VAT upwards or £400 + VAT for support.

What do others use on this forum?

Alternatively (beware of upcoming plug biggrin) you could contact the ICB as they provide all this for free to ICB practicing members.

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Anna

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Sozzybobs


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Thank you for the suggestions you have made.

I have contacted the IAB and I have been forwarded a checklist 'Tax Evasion/Money Laundering form'. I guess its a case of completing this form for each client and having a copy of something to prove their name and address. Thats all they've offered me.

Do you have a link you can post for any of the manuals/forms used to help comply with the Money Laundering regulations?

Could I just become a member of the ICB as I have taken all my qualifications with the IAB?

Regards,

Sozzybobs



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Sozzybobs
BudgetB


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I am registered with the IAB for MLR, and I use a product by AMLCC. They provide all the forms, guidance, helpline etc.

From Sozzys point of view though I would think that was overkill. As long as you have relevent ID from your client(s), including something photographic then you should be fine. I would recommend phoning the IAB though if you have any concerns and I'm sure they'll help.

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Jenny

 

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semsley


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I sent them proforma forms and checklist and they seemed satisfied with that. I could send you copies tomorrow if you want.

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Sozzybobs


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Semsley,

Thank you that would be good of you. My certificate is due for renewal at the end of November so I'm just trying to get organised.



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Sozzybobs
ICBUK


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Sozzybobs wrote:
Could I just become a member of the ICB as I have taken all my qualifications with the IAB?
If you have within 2 years. You may be required to take a further assessment.

Call 0845 060 2345 if you are interested, you can ask to speak to me if you like.

 



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BudgetB


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James, so are you saying that everything I pay extra for with the IAB/AMLCC set up, I could be getting for free with the ICB?

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Jenny

 

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semsley


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Sally

I need your email.

Sheila

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ICBUK


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BudgetB wrote:
James, so are you saying that everything I pay extra for with the IAB/AMLCC set up, I could be getting for free with the ICB?
I have had a quick look at AMLCC and I think they charge an annual fee of £197+VAT ?

Looking at it the ICB provides all that for free (with the Practice License) except the training (not sure what kind of training they provide, the ICB has a free helpline and does do seminars on MLR).

ICB Membership with practice license and MLR manual/forms/support is (for 2011) £157 Associate or £163.50 for Full Member.

So yeah by the looks of it you would save the £197+ VAT per year, but not sure on difference on IAB-ICB fees for 2011. 2010 IAB were 0.86p more expencive smile.gif



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Sozzybobs


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Semsley,

My e-mail is sally@msturner.plus.com.

Thank you.

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Sozzybobs
Sozzybobs


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Thanks for all your help re: MLR.

Will have a good look. The AMLCC fee seems rather expensive for the amount I do. May have a look at other options too.

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Sozzybobs
ICBUK


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ICB Money Laundering
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Hi,

Just thought I would add on this subject that the ICB is launching software in 2011 so that you do you due diligence on it, and then there is no need to fill out an annual report as the software will do it automatically.

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Anna

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BudgetB


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RE: Registration with IAB in respect of Money Laundering Regulations
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ICBUK wrote:

 

BudgetB wrote:
James, so are you saying that everything I pay extra for with the IAB/AMLCC set up, I could be getting for free with the ICB?
I have had a quick look at AMLCC and I think they charge an annual fee of £197+VAT ?

Looking at it the ICB provides all that for free (with the Practice License) except the training (not sure what kind of training they provide, the ICB has a free helpline and does do seminars on MLR).

ICB Membership with practice license and MLR manual/forms/support is (for 2011) £157 Associate or £163.50 for Full Member.

So yeah by the looks of it you would save the £197+ VAT per year, but not sure on difference on IAB-ICB fees for 2011. 2010 IAB were 0.86p more expencive smile.gif

 


The training comes from reading the manual (yawn, it's the size of the phone book), and then watching a 20 minute video and answering a load of questions, for which you get a shiny certificate to put on your wall.

Was the certificate worth £200...hmm... confuse

 



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Jenny

 

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BudgetB


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ICBUK wrote:

Hi,

Just thought I would add on this subject that the ICB is launching software in 2011 so that you do you due diligence on it, and then there is no need to fill out an annual report as the software will do it automatically.



I like the sound of that!



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Jenny

 

Responses are my opinion based on the information provided.  All information should be thoroughly checked before being relied on.

 
BC Boy


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James,
When and how much?

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BC Boy


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ICBUK wrote:

Hi,

Just thought I would add on this subject that the ICB is launching software in 2011 so that you do you due diligence on it, and then there is no need to fill out an annual report as the software will do it automatically.


Sorry James, a bit new to this. I meant when in 2011 and how much would the software be. 

 



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ICBUK


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BC Boy wrote:

James,
When and how much?



Well scheduled for end of January 2011, but software being software....

biggrin



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Anna

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Wella


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ICBUK wrote:

BC Boy wrote:

Well scheduled for end of January 2011, but software being software....

biggrin

.... free to members in practice? nod.gif

Bill

 



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Jymlyn


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I wish! biggrin

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ICBUK


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It is going to be free (I'm using that word a lot :))

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Anna

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ICBUK


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RE: ICB MLR
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Sorry it is free to ICB Practicing Members with Supervision from the ICB.

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Anna

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Wella


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RE: Registration with IAB in respect of Money Laundering Regulations
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            w00t.gif



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ICBUK


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Re: ICB Money Laundering Manual Software
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Hi,

Just had it confirmed that it is free, testing is in progress and it is on schedule to be launched in January.

You can of course still use the paper documents and checklists if you wish (provided free by ICB).

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Anna

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