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ASP and AML

ASP and AML

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So for those of you who don't know I work for a firm which helps clients claim R&D tax relief.  Mainly doing the technical side of claims, but that's not important.

When the company was formed HMRC told us as we provided tax advice specific to a client then we had to register as an Accountancy Service Provider (ASP) and then comply with the AML regulations, which seemed fair enough.

Have recently been to see a number of companies using a different firm for R&D, none of which have actually met with the client, asked for any ID or performed any AML checks.

The bit which confuses me is I called HMRC just to double check we have to be registered and they said yes but didn't seem in the slightest bit concerned that other firms simply don't bother.

Would anyone know if it's an offence to provide tax advice without being registered? As if not may as well cancel our ASP registration and can save on all the paperwork and cost AML needs.

Thank you

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David Winch
By David Winch
12th Dec 2014 12:07

Failing to register / failing to obtain ID / failing to report

Failure to register under MLR 2007 or failing to operate as required by Money Laundering Regulations 2007 may lead to civil penalties under Reg 42 or criminal prosecution under Reg 45 (maximum penalty 2 years).

A person who fails to report a suspicion of money laundering when obliged to do so faces criminal prosecution under s330 Proceeds of Crime Act 2002 (maximum penalty 5 years).

David

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By merlyn
12th Dec 2014 12:54

Thank you David

Thank you very much David, thought you might be the right chap to advise.

Best we stay registered then as don't fancy prison much.

Even more surprised HMRC didn't seem to care now as I though they took MLR very seriously.

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