Registration under the Money Laundering Regulations revised
All Trust or Company Service Providers (TCSPs) and Accountancy Service Providers (ASPs) who have not already done so should register with HMRC under the updated Money Laundering Regulations (MLR) 9 Registration Notice issued on 31 July 2008. The changes to the notice and the form follow a period of consultation between the business community and the Treasury.
Slightly different requirements are imposed depending on a firm’s status. TCSPs who were already in business at 15 December 2007 will need toapply to register under the new notice by 30 September 2008, and new TCSPs must register in the first instance before carrying on any business. ASPs in existing business mustsubmit their registration by 30 September 2008, so as to allow HMRC to process the registration by 1 January 2009. New ASPs must register with HMRC by 1 January 2009.
HMRC have provided flowcharts as well as the Registration Notice to help firms decide which category they belong to. Certain adjacent business categories, such as customs practitioners and freight forwarders may also be caught by the regulations if they provide limited accountancy services (including tax advice) in the course of their work.