Archive for the ‘Professional Bodies’ Category

16.07.10 HMRC Publish their paper ‘What are your fees used for?’

July 19, 2010  |   HMRC News and Guidance,Professional Bodies   |     |   0 Comment

In mid June HMRC published the above paper, which went to some length to describe the activity of the HMRC supervisory team and publish various statistics. This contains some very interesting statistics and some serious areas for concern, especially in the accountancy service providers sector. HMRC now state that between the ...

31.03.10 HMRC Announce Penalties for non-registration

March 31, 2010  |   HMRC News and Guidance,Professional Bodies   |     |   0 Comment

HMRC Announces important information for Money Service Businesses, High Value Dealers, Trust or Company Service Providers and Accountancy Service Providers who have failed to apply for Money Laundering Regulations Registration. HMRC announce that a new late registration penalties policy has been introduced for Money Service Businesses, (MSBs) High Value Dealers, (HVDs) ...

19.01.10 OFT warns of deadline for anti-money laundering registration

January 19, 2010  |   AML Legislation updates,Professional Bodies   |     |   0 Comment

Estate agents and certain consumer credit lenders must register under anti-money laundering regulations before 31 January 2010 to avoid breaking the law, the OFT warned today. Carrying on business having failed to do so could result in the imposition of a fine by the OFT, a prison sentence, or both. Money ...

02.09.09 BTC to participate in HMRC Forum for TCSP’s

Steve O’Neill of Business Tax Centre has been chosen to be a part of HMRC’s supervisory forum for Trust and Company Service Providers. This is the second such forum organised by HMRC, the first being one for large money service businesses. The forums organised by HMRC’s ‘Money Laundering Regulations Team’ meet ...

26.08.09 BTC Challenges HMRC over right to view SAR’s on supervisor compliance visits

BTC Challenges HMRC over right to view SAR’s on supervisor compliance visits HMRC has published its Code of Practice for supervisory purposes for visits to businesses under Money Laundering Regulations (COP28). This Code of Practice tells you what you can expect from HMRC Supervisory staff and what they expect of you ...

20.08.09 HMRC has published its Code of Practice for supervisory purposes for visits to businesses under Money Laundering Regulations (COP28).

HMRC has published its Code of Practice for supervisory purposes for visits to businesses under Money Laundering Regulations (COP28). This Code of Practice tells you what you can expect from HMRC Supervisory staff and what they expect of you when they visit your business under the Money Laundering Regulations 2007. The ...

10.08.09 JMLSG to Update AML Best Practice

August 18, 2009  |   AML Legislation updates,Professional Bodies   |     |   0 Comment

Proposed amendments to key AML guidance in the UK were released on August 10th by the Joint Money Laundering Steering Group (JMLSG), a group of leading UK financial services trade associations that includes the British Bankers Association. JMLSG guidance is seen as the standard for AML compliance. Over recent months, the ...

04.08.09 FSA bans Cornwall broker for fraud

The FSA has banned Cornwall mortgage broker Stephen Sanders for submitting at least three mortgage applications on behalf of customers which he knew contained false and misleading income information. Sanders withheld information from a prospective employer relating to an investigation into him by his former employer which resulted in his suspension. ...

01/01/09 Important Notice for Accountancy Service Providers who have failed to apply for Money Laundering Regulations Registration.

January 01, 2009  |   HMRC News and Guidance,Professional Bodies   |     |   0 Comment

If you are in business as an Accountancy Service Provider and are required to register with HMRC or an approved professional body under the Money Laundering Regulations 2007 you are trading illegally if you missed the deadline of 1 January 2009 and may be liable to a penalty or criminal ...

FSA fines firm and MLRO for money laundering controls failings

October 29, 2008  |   General News & Cases,Professional Bodies   |     |   0 Comment

FSA fines firm and MLRO for money laundering controls failings The Financial Services Authority (FSA) has today fined Sindicatum Holdings Limited (SHL) £49,000 and its money laundering reporting officer (MLRO), Michael Wheelhouse, £17,500 for not having adequate anti-money laundering systems and controls in place for verifying and recording clients’ identities. This ...