Be the first to know, get notified of all our latest articles via email
You can chose to unsubscribe at any time. please see our privacy policy
A mismatch of ID requirements
Companies House will, over 2025 and 2026, be requiring all company directors and PSCs to have their identity verified, but there is a mis-match between the ID requirements under MLR 2017 and the ID requirements of Companies House.
Read More
TCSP v ACSP clarification
These days we are drowning in acronyms. So I thought it would be useful for me to spell out the significance of TCSP and ACSP and the difference between them.
Read More
Client disengagement
From time to time an accountant’s relationship with one of his or her clients will come to an end. The change may come about by mutual consent – or there may be an acrimonious falling out!
But whatever the reason, there needs to be clarity about the detail around the ending of the relationship. In most cases this can best be handled by the accountant sending the departing client a disengagement letter.
PSCs – what disclosures are required?
UK Companies are required to record information about their PSCs (people with significant control) on the PSC Register at Companies House. Over the next two or three years Companies House will be requiring the IDs of PSCs and company directors to be verified.
Read More
Is your AML 20 years out of date?
You would not give tax advice based on the tax requirements of 2003 – but is your understanding of your firm’s AML obligations 20 years out of date? There are now ten fundamental requirements for accountants, bookkeepers and tax advisers subject to the UK money laundering regulations.
Read More
AML and the very small client
What are the money laundering risks associated with a very small client’s business – and how should AML issues be addressed?
Read More
AML and the solo practitioner
What does the solo practitioner – a provider of accountancy, bookkeeping or tax services, who has no staff or subcontractors – have to do to comply with anti-money laundering requirements in the UK?
Read More
AML annual review – time down the drain?
A lesser-known requirement of the Money Laundering Regulations 2017 concerns the monitoring and management of compliance with the firm’s AML policies, controls and procedures. When is the best time for a review?
Read More
How bad are accountants at AML compliance?
What proportion of accountants in the UK fail to comply with the Money Laundering Regulations 2017 – and what are the most common failings?
Read More
Are HMRC AML late registration penalties fair?
This blog post is about financial civil penalties that HMRC levy where a business is late registering with HMRC for AML supervision. Are these penalties fair? How are they calculated? How can a penalty be reduced? Can the penalty be appealed?
Read More
Assisting with tax – a trap for the unwary!
Some years ago a minor tweak was made to the wording of the Money Laundering Regulations 2017 which may catch out specialist firms.
Read More
Outsourcing and AML compliance
Accountants in the UK are increasingly outsourcing detailed bookkeeping, accountancy and payroll work – taking advantage of lower staff costs overseas. But what are the implications for the AML compliance requirements on the UK based firm?
Read More
20 years of MLR for accountants
20 years ago, on 1 March 2004, the Money Laundering Regulations 2003 came into force. Maybe we should celebrate the anniversary with a cake!
This article briefly highlights some key steps in the evolution of the MLR over 20 years.
What’s the worst that can happen?
I’m often asked, “What’s the worst that can happen if my firm does not comply with the money laundering regulations?” But instead let’s focus on fixing the problem – starting is the hardest part!
Read More
AML Compliance and accountancy sub-contractors
A question we are often asked is, ‘Do sub-contract accountants and bookkeepers have to register themselves separately for AML purposes as accountancy service providers?’
Read More