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A company that only offers in-house training says that online training isn't sufficient.
Hmmm. This is an advertorial, not journalism.
We are almost spending more time on bureaucracy as we are on earning. You can spend 24 hours on the subject it will never be 100% safe from its intention. A sensible weighted risk approach is required not one to tie everyone up in the hope of catching a few, only to let them walk away.
What all this fails to highlight is what successes the NCA have had in bringing to task the big culprits, I suspect very very few in comparison to the cost and effort in administering the legislation.
Perhaps the NCA, police and government need to focus more on getting the basics right before dedicating disproportionate rescources on strangling the micro business with AML legislation. Take a look at the thread on HMRC errors and mistakes!!
What about benefit cheats, tax evaders and illegals? Another miserably failed expensive mission.
The small practitioner needs to start planning for great change and seriously consider exiting the profession.
A sledgehammer to crack a walnut syndrome. What next, imprison compliance failures? Where? Our prisons are full!!
I don't believe this post is accurate. A friend of mine is "regulated" by Customs. He recieves a phone call every 3 years or so to ask what he has in place. "Common Sense" says my mate. "That'll do nicely" says Customs (not quite like that but the essence is there).
Not a lot of useful information above.
More misery for accountants then because law enforcment are failing to do their jobs so we'll blame someone else.
We really do have quite miserable lives anyway you don't need to make it worse. How many reports have been made that no action has been taken on and what is the estimated tax/crime proceeds that remains unrecovered from reports? Shall we say a low figure of £1M per practice? And now we think people are faking their identity to pay tax and this is not showing up despite NI numbers and UTR's...... FFS where do they find these morons.
I left the ICAEW 25 years ago, and am registered for AML purposes with HMRC, cost £110pa. Simples!
I wonder how much money laundering has been prevented by imposing all this extra admin on us? Can we have some figures?
AML another hot topic that gets put on the back burner.
How do the rules effect smaller practices.