SVA Forum

OfficeStuff · Posted: Wed Mar 19, 2008 3:27 pm Post subject: Money Laundering Regulations

Does anyone know anything about this?

Under the Money Laundering Regulations 2007 apparently anyone providing any sort of bookkeeping services has to be registered with either the main accountancy bodies such as ICAEW, ACCA or AAT, the Institute of Certified Bookkeepers or HMRC themselves. I

I only do basic computerised bookkeeping but according to the new regulations any 'Accountancy Service Providers' HAVE to be registered and there is a £95 registration fee - there's a surprise! From 1st October 2008 it will be illegal to trade unless registered and anyone so doing will be committing a criminal offence.

Yet more official aggravation.

:cry:
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sara - Office Bird · Posted: Wed Mar 19, 2008 3:34 pm Post subject:

would my AAT Student membership cover me? Or do you need to be a full member?

For those that are unaware to become a full member you have to have completed the AAT in its entirity and had a years worth of 'qualified' work experience. For those of us that have been doing accounts for years without a full accountancy technician qualification it could cost thousands to get to full membership stage!

I'm going to have to go and google these rules. Thanks for the heads up.
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coxvos · Posted: Wed Mar 19, 2008 4:36 pm Post subject:

More information about these regulations is available here and here.

Sara, I know that my student membership of the Institute of Certified Bookkeepers does NOT cover me as they issue a practicing certificate when you are qualified which does cover these regulations but I suggest you check with the AAT.
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Regards

Lynn

joellis · Joined: 27 Apr 2007 Posts: 24 Location: North Yorkshire

I have been aware of this for about a month. As part of my client base, I do rural accounts and the organisation that represents rural administrators have advised members of this requirement.

From what I can make out, if you provide bookkeeping services on a self employed basis, then you have to register. If you are employed, then there is no need to as your employer would cover it. Even if you provide accounts assistance to friends and family, you still have to register.

It seems that if you provide these services, then you will have to perform a risk assessment on the client to ascertain what level of risk they are for money laundering issues. I have also read that you will have to obtain copies of passports of your clients as proof of identity. I believe that you have to have these documents in place in case of an inspection by HMRC.

I guess it's like when you buy a house, you have to provide certain documents to prove who you are, eg passports, bank statements etc.

http://www.bookkeepers.org.uk/ has more info.

Hope this helps.

Kind regards
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Jo Ellis
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Sally@Stonetext · Posted: Wed Mar 19, 2008 5:21 pm Post subject:

B***** Hell. What are they going to come up with next? Oh this will be a good wheeze, we'll just slap on a charge to generate some income!!
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cjchappell · Joined: 15 Feb 2008 Posts: 62 Location: Aylesbury

Sally, I totally agree with you. This government really do need to go but thats another conversation!

Charlotte
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a-okadmin · Posted: Wed Mar 19, 2008 7:54 pm Post subject:

I'm a little confused. I'm just in the process of signing up a new client for what he calls "bookkeeping" but really it's just data entry into his accounting system. I'm not calculating anything. Do I need to register or should I just specify in the contract that it is purely data entry?
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Sally@Stonetext · Posted: Wed Mar 19, 2008 8:08 pm Post subject:

I think that is what we are trying to clarify. The regulations also seem to apply to other services that VAs might provide - i.e mailing addresses.
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Charley · Joined: 18 Jan 2008 Posts: 44 Location: Havant, Hampshire

Oh no

. I'm Treasurer for my Drama Group and my Hubby's model Helicopter club and keep the accounts for them. Will I have to register for that too?
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joellis · Joined: 27 Apr 2007 Posts: 24 Location: North Yorkshire

I think that if anyone is in any doubt as to what they should do, then contact the ICB. They are very helpful and when I sent them a couple of questions regarding this issue, they were very quick to respond.

The Institute that represents rural administrators is advising their members to register with the ICB rather than HMRC, which is what I am doing now.

Hope that helps. It does seem a bit of a pain and yet more red tape, but I guess it's in all of our interests to be seen to be doing our "bit" to prevent money laundering scams.

Kind regards
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Jo Ellis
www.northyorkshiresecretary.co.uk

Charley · Joined: 18 Jan 2008 Posts: 44 Location: Havant, Hampshire

Thanks for that. I've emailed them and am just waiting for a reply.
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admindoc · Posted: Thu Mar 20, 2008 5:29 pm Post subject:

This well and truly stinks. Something else to shell out on. I'm not a happy bunny Evil or Very Mad

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OfficeStuff · Posted: Sat Mar 22, 2008 10:58 am Post subject:

Having started all this :| I have come to the conclusion that as I don't currently have any book-keeping clients, I shall withdraw the service for the present as I have no wish to give Gordon Brown £95 of my hard-earned money. :x

In the meantime.... I shall do a course which will lead to some ICB qualifications and get "certified" with them - which is something I have been meaning to do for ages. I've looked at their syllabus, and have been doing most of the required subjects for years so hopefully it shouldn't be too much of a brain strain!

Something positive at least.
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coxvos · Posted: Mon Mar 24, 2008 7:02 pm Post subject:

It's not just £95 - have a look at this document which seems to clarify things a bit - there is also a one-off £50 fee for those of us providing mailing addresses for a "fit and proper" test.
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Regards

Lynn

OfficeStuff · Posted: Mon Mar 24, 2008 7:33 pm Post subject:

I'm still thinking about the best course of action - I don't provide a mailing address so that's no problem!

Which ICB exams are you studying for Lynn?
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