16 Dec, 2007
New Money Laundering Regulations now in place
The Money Laundering Regulations 2007 came into force on 15th December 2007.
Businesses are now required to have in place risk-based systems and controls to help prevent money laundering and criminal financing.
The new Regulations extend the supervisory responsibilities of HM Revenue and Customs to addional businessesfrom the following dates:
Money Service Businesses 1 Feb 2008
Trust or Company Service Providers 1 Apr 2008
Accountancy Service Providers 1 Jul 2008
Further guidance may be found at http://www.hmrc.gov.uk/mlr
All Regulated Firms are required to carry out fit and proper tests on all people that they do business with including sole proprietors, partners in a partnership, directors of a company, significant shareholders in a company and the nominated officer of the business.
We would reccommend that a record of the risk assessment and verification records including source of funds be retained and periodically reviewed.Back to News
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