- Being a member
- CIMA Professional Development
- Members in Practice
- Members' Handbook
- Money laundering regulations
- Anti money laundering guidance
- Registering for supervision
- Registering with CIMA
- How supervision will take place
- HMRC and anti-money laundering supervision
- Customer due diligence
- PEPs and enhanced due diligence
- Keeping records
- Suspicious activity reporting to SOCA
- Forty recommendations of the Financial Action Task Force
- Risk based approach to anti-money laundering
- Reliance on other professionals' CDD
- Professional clearance letters
- TCSPs
- Regulation of TCSPs
- Phishing
- Legal professional privilege
- Practising accountants who leave CIMA
- Regulations for Channel Islands and Isle of Man
- Legislation in the Irish Republic
HMRC and anti-money laundering supervision
HM Revenue & Customs (HMRC) has issued a press release urging trust or company service providers (TCSPs) to register their businesses with HMRC by 1 April 2008 under the new Money laundering regulations (MLR), which came into force on 15 December 2007. They say that TCSPs need to register with HMRC by the deadline if they want to carry on in business. This is not the case for CIMA members.
At the same time, HMRC is alerting Accountancy service providers (ASPs) that they will be able to register with HMRC from 1 April 2008. Applications received before that date will be held for processing immediately the register opens. ASPs need to apply before 1 July 2008 to give HMRC sufficient time to process their application by the deadline. Businesses that apply late risk not being included on the register when it opens on 1 October. If that happens they will not be able to trade legally until they are included on the register. Again, this is not the case for CIMA members.
Under the new MLRs that came into force on 15 December 2007, TCSPs and ASPs have to be supervised by a designated professional body in order to carry on trading. If they are not already supervised by a designated professional body, or for TCSPs the Financial Services Authority, they need to be registered with HMRC. In the case of CIMA members, CIMA is their professional body and there is no requirement to register with HMRC either instead or as well.
HMRC says it has been working with the Financial Services Authority, the Office of Fair Trading and the Gambling Commission, all of whom also received supervisory responsibilities under the Money Laundering Regulations 2007. HMRC is also working with professional bodies for lawyers and accountants that will also be responsible for monitoring their members' compliance with the Regulations.
There is a registration fee of £95 per premise for businesses registering with HMRC. There is a £50 fee per person for applicants for the fit and proper test (MSBs and TCSPs only). CIMA makes no charge to its members for supervision.