I've just got a reminder off HMRC about renewing my registration under the Money Laundering Regulations (MRL 9). The fee is £110 per year is there a body I can join so I don't have to register with the HMRC and do I have to sit an exam? My background is 28 years working in finance and accounts in industry I have no formal qualifications but a hell of a lot of experience. Thanks for the help.
If you join any of the professional supervisory bodies you do not need to register with HMRC. A list of these bodies can be found here: http://www.hmrc.gov.uk/mlr/getstarted/register/asp.htm#4 scroll down a bit to the Main Supervisory Bodies.
The membership + Practice License + MLR supervision would be more than £110 per year, but the extra support and usual benefits of being part of an institution should outweigh this.
Your 28 years experience could get you exemptions from the examinations to most bodies. If it was bookkeeping work the ICB would require you to provide two chartered/certified accountants to provide references, and you would need to take an online assessment.
You would most likely be eligible for temporary MLR supervision from the ICB during this process so you could swap over your cover on application.
the thing that you have to watch out for when signing up with a supervisory body is that it comes with restrictions as to what you are allowed to do.
You could get to a practice licence quite quickly with either ICB or IAB.
Whilst I cannot comment on the IAB approach I know that the ICB offer supervision licences for a year or so in order for you to pass their exams whilst you continue working for your clients in your current capacity.
If you offer Payroll and Self assessment though you would also need to pass the exams in those if you went via the ICB in order to continue to offer those services once your supervision licence expires.
In your case, in many ways you will be merely exchanging one expense for another as at the moment you pay for MLR cover but going via a supervisory body after passing their exams you will be paying annual membership and annual practice licence fee's which will cost more than £110 so you have to weigh up for your situation what else you would gain.
Take a look at the IAB and ICB websites which detail the full range of member benefits rather than considering only the MLR side of things as that alone.
kind regards,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
You beat me to it James. I foolishly took a phone call mid reply... And another one whilst writing this... I'm really mr popular with telemarketers at the moment!
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Hi Shaun, telemarketers on a Friday morning, dear me!
Just want to add that the exemptions do apply to Payrol and Self Assessment also, as long as you can get the two referees to vouch for your experience.
Another thing to take into account is where you are getting your MLR forms/checklists and helpline from. A few people on this forum are paying companies £100's for these. If you joined the ICB you would get it for free as part of your membership.
And I for one can confirm that the quality of the MLR folder that you get from the ICB is exceptional.
Nice ICB A4 size binder. Full explanation of MLR and all of the forms that you could ever need. All broken down into sections.
Just to be fair though. Note that if you become a member of the bookkeepers network there are forms and MLR help available in the members area of this site.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
