ECSH40531 - Businesses who can be solely supervised by another supervisory body: Accountancy Service Providers (ASPs)
ASPs can be supervised solely by HMRC, the 贵颈苍补苍肠颈补濒听Conduct Authority (FCA),听or one of the professional bodies listed in 听of The听Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017).听
ASPs must register with HMRC unless:
They are already supervised for money laundering regulations purposes by a supervisory body.听
All the 产耻蝉颈苍别蝉蝉鈥� customers are themselves supervised by HMRC or another supervisory body.
Evidence to confirm that a business is supervised by a professional body
If in the course of processing an application for registration you discover that the business is currently supervised by one of the bodies listed in Schedule 1 of MLR 2017, the business does not need to register for supervision with HMRC.
(This content has been withheld because of exemptions in the Freedom of Information Act 2000)
Membership vs supervision听
A professional body may have different听membership packages which means that being a member of a professional body does not always include supervision under MLR 2017. You must ensure that the evidence provided specifically states听that business is supervised under MLR 2017 by the professional body.听听听
Trading whilst unregistered听
If you find in the course of carrying out the relevant checks, that the business has been undertaking relevant activity without being registered for anti-money laundering supervision, then the business would be in breach of MLR2017 and a penalty for trading whilst unregistered should be considered.
听