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Any experience of HMRC and Money Laundering Registration

Any experience of HMRC and Money Laundering...

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Hi - I am CIMA member in practice and was wondering whether I should just register with HMRC under the Money Laundering Regulations.  CIMA seems to be dedicated to accountants in large businesses on a global scale, but has little to offer the small practice, so I am considering other options.  Has anyone any experience of how HMRC go about their responsibilities here?

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By johnjenkins
05th Aug 2014 09:08

From what I can gather

from friends and others you have to register with Customs and Excise if you do not belong to a recognised body and are in practice.

I posed the question about the fees etc. and what they do about people that don't join and was told nothing. So it's just a money spinner for HMRC. Well what a surprise.

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By razertoo
05th Aug 2014 09:42

Actually it's not....

just a money spinner for HMRC. I have a small company that forms limited companies and registered it with HMRC for MLR. I have recently been subjected to quite a stringent inspection of my records to ensure that I was complying with the regulations and actually found the visit quite scary considering the size of the business (less than £10k turnover). Don't think for one minute that it's something to be taken lightly and ensure your records are of a good standard because if you don't, your living can be taken away from you.

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By johnjenkins
05th Aug 2014 11:01

@razertoo

That is the first I've heard of any kind of action from HMRC.

However, even though your turnover is small you will be dealing with quite a few people. I suspect it's not you they are checking on but the people forming Ltd Co's.

Anybody else heard anything?

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