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bigduckontax
bigduckontax, Accountant
Category: Law
Satisfied Customers: 3820
Experience:  FCCA FCMA CGMA ACIS
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I'd like to understand whether I should or not register

Customer Question

Hi, I'd like to understand whether I should or not register under the Money Laundering Regulation with HMRC. I'm a director of a small Aviation services company which does also offer virtual administrative services such as processing of purchase ledger/sales ledger into a client computerised system remotely. Along with credit control tasks, etc. I act as an external contractor. I do believe most of them have an accountant also who finalises their accounts and perhaps files them with HMRC. Personally, I don't believe I have to register but from the overwhelming info on the HMRC site, I cannot get a straight answer. Can you assist me with this? I can, of course, give you more information about my company if you need to. Many thanks, Monica
Submitted: 10 months ago.
Category: Law
Expert:  bigduckontax replied 10 months ago.

Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your questiom.

Here is the basic guidance from the Gov UK web site:

'

Who the Money Laundering Regulations apply to

The Money Laundering Regulations apply to a number of different business sectors, including financial and credit businesses, accountants and estate agents.

Every business covered by the regulations must be supervised by a supervisory authority. Your business may already be supervised, for example because you belong to a professional body like the Law Society. If not, and your business falls into one of 5 business sectors, you’ll likely need to register with HMRC.

HMRC supervises the following 5 business sectors:

Are you a member of a professional body eg a solicitor of an accountant?

Customer: replied 10 months ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Expert:  bigduckontax replied 10 months ago.

I would be delighted to talk with you, but I am answering your question in a time zone 6 hours ahead of BST which would make the cost exorbitant. I will, however, be back in the UK on Sunday.

Customer: replied 10 months ago.
I understand Keith.Are you able to use Skype?
Expert:  bigduckontax replied 10 months ago.

Unfortunately no, but we can converse on Sunday.

Customer: replied 10 months ago.
That's fine, but please can you let me know what time you might be calling because I'm out all day Sunday. Thank you.
Expert:  bigduckontax replied 10 months ago.

I will tell you when I am available on this thread then we can get in contact.

Customer: replied 10 months ago.
I haven't received a phone call as promised. Please can you call me back in the next hour?
Expert:  bigduckontax replied 10 months ago.

Sorry about that, things got a bit hectic and I only got my PC out of repair today.

I am on 01750 725420.

Customer: replied 10 months ago.
please call me on 07712 585 299 thank you
Expert:  bigduckontax replied 10 months ago.

I do not think you need to worry any more on this matter.

Please be so kind as to rate me before you leave the Just Answer site.

Customer: replied 10 months ago.
Since you can't give an acceptable explanation as to why I should not register, my question has not been answered satisfactorely.