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bigduckontax
bigduckontax, Accountant
Category: Law
Satisfied Customers: 4096
Experience:  FCCA FCMA CGMA ACIS
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I have just set up a company that act as a management agent

Customer Question

i have just set up a company that act as a management agent for various non resident landlords of which i have a separate bank account , i am a bit confused in terms of compliance
most of my clients are BVI companies that own properties in the UK of which the services we will providing is management and writing up their books ( bookkeeping ) do we have to register with HMRC for money laundering if so which category does this fall, by holding clients money do we have to register elsewhere ? please help as i need to ensure i am compliant in all aspects, so far i have registered the company with the data protection The Property Ombudsman, anywhere else i need to register , tried doing some research but i am getting more confused than i started
Submitted: 1 year ago.
Category: Law
Expert:  Nicola-mod replied 1 year ago.
Hello,
I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.
I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!
Nicola
Customer: replied 1 year ago.
please continue , an accountant can answer this question as well thanks for the update
Expert:  Nicola-mod replied 1 year ago.
Hello,
We will continue to look for a Professional to assist you.
Thank you for your patience,
Nicola
Expert:  bigduckontax replied 1 year ago.
Hello, I am Keith, one of the experts on Juat Answer, and pleased to be able to help you with your question. Gov UK website advises that the following are covered by Money Laundering Regulations: 'Most UK financial and credit businesses such as currency exchange offices, cheque cashers or money transmittersindependent legal professionalsaccountants, tax advisers, auditors and insolvency practitionersestate agency businessescasinos'Furthermore you need to register with HMRC [same source] if: 'Accountancy Service Providers not supervised by a professional body' So a great deal depends on your personal, professional position. Here is a list of professional bodies acting as supervisory authorities [again same source]: 'Some designated professional bodies also act as supervisory authorities, these are:Association of Accounting TechniciansAssociation of Chartered Certified AccountantsAssociation of International AccountantsAssociation of Taxation TechniciansChartered Institute of for Legal ExecutivesChartered Institute of Management AccountantsChartered Institute of TaxationCouncil for Licensed ConveyorsFaculty of AdvocatesFaculty Office of the Archbishop of CanterburyGeneral Council of the BarGeneral Council of the Bar of Northern IrelandInsolvency Practitioners AssociationInstitute of Certified BookkeepersInstitute of Chartered Accountants in England and WalesInstitute of Chartered Accountants in IrelandInstitute of Chartered Accountants of ScotlandInstitute of Financial AccountantsInternational Association of Book-keepersLaw SocietyLaw Society of ScotlandLaw Society of Northern Ireland'so you may well find yourself covered. I do hope that you find my answer of assistance.