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Post Info TOPIC: AMLCC
meadow


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I just wondered if anyone was registered with the AMLCC? I have been advised to join.....



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Callie

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Shamus


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Never heard of them.

Or i don't think that I have as every day it seems I have these sort of companies phoning to tell me that they can make my life eaasier where what would really make my life easier if they all just stopped phoning me whilst I'm trying to work.

No comment as to how good or bad they are at what they do. Just that they are not the only one's doing it and whilst you must do AML checks there is no requirement to be using any particular service.

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Shaun

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Cheshire


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Hi ???
Was it the iab who suggested it? Don't their members get it free? If so, why not, but what happens to the data if you cancel the membership would be my first Q.

Otherwise as a new bookkeeper with maybe not so many clients yet, it could just be an expensive toy.



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 Joanne 

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Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
meadow


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Thank you

Yes, it was the IAB in order to get the practice licence. I seem to be able to get an AML licence with both IAB and ICB and just not sure which is the best way forward! Any ideas or advice? tIA xx


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Callie

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Cheshire


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Third option, go it alone and get it via HMRC? Probably cheaper!

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
Leger


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Cheshire wrote:

Third option, go it alone and get it via HMRC? Probably cheaper!

 Would it though?  £210 sign up to HMRC or £33 sign up to AMLCC + £3.60 per client 



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John 

 

 

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Cheshire


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Good morning John
Was talking HMRC alone, ignoring this bit of kit (given OP is new so therefore won't have loads of clients to make the AMLCC cost effective. - just on numbers, not based on anything else)

Also, isnt that HMRC fee just the year one fee, reduced to £100 each year thereafter?

Having and a quick look at the other software I thought the £27+vat fee was just to cover training and not access to the software....which is £197+vat.....or have I misread that?  Does it cover MLR registration?
Training- free via HMRC.

Versus whatever they charge for ICB or IAB (of which I have no clue, although seemed to recall the former was into several hundred) and for what.

Just another option.



-- Edited by Cheshire on Friday 9th of September 2016 07:22:10 AM

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
Leger


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Hi Joanne

It was late last night and I looked at the pricing page and assumed Meadow could sign up as an individual, but looking at it again just now obviously she would be the MLRO so £57 

BUT I think you do have to sign up for the full package - WTH?  That's for a practice and covers 3 staff members as well.  Most people getting started with IAB will be individuals so this is way more than they need.

I've just looked at the IAB page http://www.iab.org.uk/aml-regulations  and it classes AMLCC as a member benefit, so a couple of questions to Meadow. Is the package free to members or do you have to sign up to it at £200 odd a year? Is it compulsory to have the AMLCC package if you do have to pay?

HMRC is cheaper after the first year, I was primarily thinking of the first year, but if you do have to pay £236 a year for AMLCC then it's a no brainer 



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John 

 

 

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BudgetB


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Hi,

If you're an IAB member then you can get AMLCC for free, which includes the training

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Jenny

 

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Leger


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Thanks Jenny, that's good then. I was looking at a thread on the subject from 2011, and noticed you had contributed to it. (spotted your excellent avatar)



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John 

 

 

 Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
Meadowlands


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As Jenny says it's free to IAB members, and in answer to John's question, its not compulsory to use it.

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Alison - Simply Balanced Solutions
MarkS


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I use AMLCC for all money laundering training and also it to electronically verify clients.

I bought about 200 client verification credits which think worked out at £2 each.  

I get the training part of AMLCC free due to membership of ICPA.



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Mark Stewart CA

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Providing accounting, bookkeeping, payroll and tax services to small and medium sized businesses across Central Scotland and beyond.
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