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AML confused

Are we an MSB or ASP

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We have received yet another email from the AML department at HMRC. The email is standard and states that we must use the procedures for a MSB.

As we provide Accountancy services are HMRC incorrect to call us a MSB and are they incorrect to apply those rules to us. I am registered as an ASP under AML ?

Are HMRC staff aware of their own rules ? 

Posted as anonymous for obvious reasons .

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By CJaneH
12th Jul 2019 11:22

I had difficulty understanding question until I looked up acronyms. To help other readers.

MCB = Money services Business = Transfer and conversion of money. If you do not do this HMRC must be wrong.
ASP = Accountancy Service provider = book keeping and accounts

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14th Jul 2019 10:09

From the MLR 2017 Reg 3

“money service business” means an undertaking which by way of business operates a currency exchange office, transmits money (or any representation of monetary value) by any means or cashes cheques which are made payable to customers;

Fron the MLR 2017 Reg 11

“external accountant” means a firm or sole practitioner who by way of business provides accountancy services to other persons, when providing such services.

Which are you?

David

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15th Jul 2019 13:13

I am registered with HMRC as an ASP, not an MSB.

I too received the email below from HMRC on Friday.

Also, the addressee was one of my client companies who have nothing to do with MLR ! In fact all my MLR emails come mistakenly addessed to this client. I sent an email to the MLR team about this some months ago, to no effect.

Clearly Andrew Henderson has no idea what he is doing.

"AMLS

Dear XXX Ltd,

The services you provide as a money service business (MSB) are at high risk of being used by criminals to launder money and fund terrorist attacks.

What are your responsibilities?

The law requires you to have written policies, controls and procedures in place and ensure that your customers, employees and agents are who they say they are. Your requirements, outlined in the Money Laundering Regulations 2017, must be carried out by you and any people you employ. This is to help stop you from unwittingly becoming involved in criminal activity. Please make sure you follow the rules carefully.

As a registered MSB, all beneficial owners, officers and managers (BOOMs) of your business must pass HMRC’s Fit and Proper test. You are also responsible for ensuring that BOOMs of your agents are fit and proper.
.... etc, etc...

Yours sincerely,
Andrew Henderson

Customer Engagement Team
HMRC Anti Money Laundering Supervision "

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15th Jul 2019 13:24

I am registered as an ASP with HMRC, not an MSB.

I too received the email below from HMRC on Friday.

Bizzarely the addressee is a client company that has nothing to do with MLR registration. In fact all my MLR emails are erroneously addressed to this company. I emailed the MLR team about this months ago, to no effect.

Andrew Henderson clearly doesn’t know what he is doing.

"AMLS
Dear XXX Ltd,
The services you provide as a money service business (MSB) are at high risk of being used by criminals to launder money and fund terrorist attacks.
What are your responsibilities?
The law requires you to have written policies, controls and procedures in place and ensure that your customers, employees and agents are who they say they are. Your requirements, outlined in the Money Laundering Regulations 2017, must be carried out by you and any people you employ. This is to help stop you from unwittingly becoming involved in criminal activity. Please make sure you follow the rules carefully.
As a registered MSB, all beneficial owners, officers and managers (BOOMs) of your business must pass HMRC’s Fit and Proper test. You are also responsible for ensuring that BOOMs of your agents are fit and proper.
[...etc, etc.....}

Yours sincerely,
Andrew Henderson
Customer Engagement Team
HMRC Anti Money Laundering Supervision"

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