HMRC had recently sent out a letter to all Money Service Businesses (MSBs) to tell them about their intention to publish an online MSB register by the end of 2009. This register is currently being developed and will be called the MSB online registration check.
When finished it will allow for a MSB online registration check service, for both the profession and the general public to check they are dealing with a ‘registered’ firm. This is part of the supervisory strategy for policing the perimeter of the regulated sector. Those MSB firms not registered are committing an offence and this allows for checking and the subsequent reporting to HMRC of these businesses.
When the register is complete and is available HMRC will let all know through a further announcement on their website. This same process will may apply to both Trust and Company Service Providers (TCSP’s) and Accountancy Service Providers (ASP’s) in 2010 or beyond.
Visit the BTC website for compliance help and support for firms in the regulated sector