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• # 74758
• Thu 29 Sep 2011 04:41 PM

Hi All,

My Practice Licence started on 1 September 2011, but I'm still waiting for the ICB to send out the relevant information pack about the MLR cover (a month later!).
Has anyone else experienced this kind of delays?  I'm trying to understand if this is normal or something went wrong and I need to chase.

I'm currently finalising the template for my letter of engagement and I need to know if anything about MLR is to be mentioned in the letter so that the client is aware of it. I have seen letters of engagement from accountants and they have quite a lengthy paragraph in there about MLR and the ID verification that they need from a client. However I checked the examples of letter of engagement that are available in the "Practice Licence" area of the ICB site and there is no mention of MLR in those letters.

Should I just leave MLR out of my letter of engagement and go ahead and finalise it or should I hold off and wait?
It would be great if someone more experienced can provide some suggestion about this as I'm unsure how to proceed...
I have a few clients ready to sign up for my services so I really need to have the letter ready.

Thanks everyone.

Fabio

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• # 74888
• Wed 05 Oct 2011 01:24 PM

Hi Fabio,

I'm thinking of doing the same. I have got my letter of engagement ready and i'm thinking of putting a seperate statement for MLR and my responsibilities to be attached to it for the client to keep and so they are aware.


I would love some ideas of how to word this statement so it comes across right!! Any suggestions anyone??    

• Nikki
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• # 74891
• Wed 05 Oct 2011 01:56 PM

Hi Fabio/Nikki,

I have a paragraph at the end of my letter saying "I should also inform you that as a member of the ICB I am obligated to work under the Money Laundering Guidelines. If you would like to know more about what this means to my business practices and client relationships, please let me know".

I briefly explain my legal responsibilities at the initial meeting, then add this so they can ask more if they want to know.

Hope this helps!
Lara

• LJM Bookkeeping - lara@ljmbookkeeping.co.uk

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• # 74896
• Wed 05 Oct 2011 03:00 PM

I don't make any mention of the MLR in my letter of engagement.  My policy is outlined in my new client information pack which every new client gets.

Kris 

• Kris McCulloch
  www.ayrshireaccountancy.co.uk
  
  Winner - BKN Most Innovative Accountancy Firm 2012
  
  Latest Blog Post: Bookkeepers Award 2015

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• # 75520
• Fri 21 Oct 2011 05:33 PM

Agree with Kris but apart from a letter of engagement I also have a client information sheet that includes a paragraph about MLR at the bottom. This is a form that I get a potential new client to fill in that gives me complete contact details, professioanl memberships and other useful info...

• Bruton Young Bookkeeping
  
  

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• # 81430
• Sun 01 Apr 2012 07:33 PM

kjmccullochsaid:

“I don't make any mention of the MLR in my letter of engagement.  My policy is outlined in my new client information pack which every new client gets.

Kris ”

• Angela Smith
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