The ICB’s MLR Annual Return (MLR8) has been amended because some practices completing the form have misunderstood what was being asked in one of the questions.
Under the heading ‘Your brief reasons for this assessment’, quite a few people wrote
‘because of MLR’
or
‘Because the ICB told me to’
We know the reasons behind why you are completing the assessment; we’re quite a bright bunch here really. The purpose of the question is to help ICB director of compliance, Ray Cross, understand your reasons behind your decision on whether a client is High, Medium or Low risk and to help him determine if you have made the correct decision. Ray gives some valuable pointers in this month's Money Laundering Update article.