Forum

• # 70640
• Fri 06 May 2011 10:52 AM

Hi I am working towards my practice license and obviously thinking about many aspects - one being Money Laundring Regulations.

I have been reading the information on the HMRC website. under the section "Do I need to register.." it says

"Some businesses covered by the Money Laundering Regulations are already supervised by a designated supervisory authority like the Financial Services Authority (FSA), or by a professional body like the Law Society that acts as a supervisory authority. So they don't need to register with HMRC."

When I looked up the list of designated professional bodies that act as supervisory authorities the Institute of Chartered Bookkeepers was listed.

This has raised a few questions in my head

Does that mean that I do not need to regsiter? (assuming I get my practice license)
Does ICB still encourage people/orgaisations to reisgter?
Does the ICB have their own process / guidelines about MLR?

Any other best practice advice about MLR gratefully received.

Regards

Clare (Really enjoying ICB studying.  Level II manual on the 12th May)

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• # 70648
• Fri 06 May 2011 12:34 PM

Hi Clare

Once you have your Practice Licence you come under the umbrella of the ICB so therefore you do not go and register with HMRC - you could if you really wanted to I suppose but it is just duplicating work. 

If you called the HMRC for guidance after registering through the ICB, however, you wont have the HMRC registration number but they will still answer your queries, although I've got to say the ICB helpline and folder is fantastic.

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• # 70672
• Sat 07 May 2011 08:22 AM

Thank you James and Liz D for your replys.

James (sorry certified not chartered ) I am thinking ahead, as sometimes things have a time lag. I am only studying it so far (but have been doing bookkeeping for my husbands business for years, I wished I had done the ICB courses sooner!) No website or looking for work yet - soon though.

Liz D that is what I wanted to know - a another benefit of ICB.

off to do my MOCK level II exams this weekend.

Clare

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• # 70676
• Sat 07 May 2011 12:53 PM

Liz D said:

“Hi Clare

Once you have your Practice Licence you come under the umbrella of the ICB so therefore you do not go and register with HMRC - you could if you really wanted to I suppose but it is just duplicating work. 

If you called the HMRC for guidance after registering through the ICB, however, you wont have the HMRC registration number but they will still answer your queries, although I've got to say the ICB helpline and folder is fantastic.”

• . http://www.smbps.co.uk/
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