News Details
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.
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