Was their question in relation to MLR or were they talking about your internal business processes? If so, which part?
The question needs to be framed within a context as risk means different things at different points.
Risk should not be considered a form ticking excercise as HMRC seem to be conveying here but rather part of an ingrained mindset.
Interested to know what they were looking for you to develop. Simplesy option would be if they were just looking for you to have a proper MLR check list in place.
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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.
-- Edited by Shamus on Wednesday 3rd of July 2013 12:15:29 PM
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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.
Thanks for your reply. I have done my degree in accountancy from India and so have registered with HMRC for MLR and because of that reason they rang me and said i should have my MLR policy and risk assessment policy in place. Could you please guide me what shall i do.
They are talking about checklists policies and procedures for money laundering.
Basically when you registered with HMRC for MLR that was for them to be responsible for ensuring that you have in place and are applying the correct policies and procedures to ensure that clients are who they say that they are and the confirm the source of the clients funds and ensure that their busienss is not doing anything untoward.
Are you a member of a professional body? If so you will have access to all of the forms and example procedures available through them. They will also include a checklist of the documents that are acceptable evidence that you will need to retain copies of in the clients permanent file.
There is plenty of information out there but mostly companies are trying to sell you the documents and procedures manuals which of course they can get away with as not having all of the i's dottted and t's crossed can carry a prison sentence and unlimited fine.
There is also the option of joining this site as there is a money laundering section in the paid members area... Just tried to check it out and found that there's a problem with my BKN logon so off to sort that out now.
Hope that someone else is able to point you at some free resources, espechially an MLR policy and procedures manual if anyone knows of one that you don't need to pay for.
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.
I have registered with this site and gone through it and it has MLR stuff but i need risk assessment policy to assess client in order to find risk of MLR
First thing to ask is what services you are looking to offer. It could be that joining the ICB comes with more restrictions that benefits.
Take a look at their website and also the IAB website and see whether or not they are organisations that you could see a benefit associating your business with.
Your degree in accountancy may get you some exemptions with the IAB where ICB tend to be quite mean on the exemptions front. (just have a read of some of the debates between myself and James from the ICB on this site!).
One advantage of being a member of a professional body is the networking opportunities that such comes with.
For some it works, for others it doesn't. here are the two sites to take a look at :
http://www.bookkeepers.org.uk/
http://www.iab.org.uk/
I am not adviosing to join either but it is worth having a look at their sites to determin for yourself whether being a member would be advantagous to you.
HTH,
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.
P.S. I amended the post a couple above to include MLR8 as I had previously assumed that you had read that but it occured that you may not have done.
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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.
which between those two should have everything that you need to know.
kind regards,
Shaun.
__________________
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.
