HMRC has written some new guidance to go in the Anti money laundering guide for Money Service Businesses that was published in July 2010.
HMRC will write to all registered MSBs at the end of June 2012 to give them a summary of the new guidance. When you get the summary, you should review your anti money laundering policies and procedures immediately and put the changes in place.
The extra guidance explains:
when to check where funds have come from in one-off transactions under €15,000 due diligence measures where your customer is another MSB whether to apply enhanced due diligence to countries next to high risk regions whether to check the person who receives third party payments what action is required on money transmissions into the UK from overseas what to do if your registration with the Financial Services Authority does not match your registration with HMRC
The Anti money laundering guide for MSBs will be updated to include the guidance when:
the revised Money Laundering Regulations are in place in autumn/winter this year the revised guidance has received HM Treasury approval
If you require further information, please contact the HMRC VAT Helpline.
Contact details for HMRC VAT Helpline
IMPROVEMENTS TO MONEY LAUNDERING REGULATIONS FORMS
15 July 2012
HMRC is reviewing forms MLR 100, MLR 101, MLR 102 and MLRRCT1 and will introduce updated versions of these forms in the near future.
HMRC announcement about improvements to MLR forms
As part of this review the MLR 102 will be merged with the MLR 100.
These updated forms are being designed to be as easy as possible for you to fill in. The questions will also be designed to fit your personal circumstances in response to your answers, so you won't have to answer questions that are not relevant to you. Help buttons will be included next to some questions which you will be able to click to show or hide help for that question. You will also be shown a message if what you’ve entered appears to be wrong, or if you've missed a field that is required. When the new MLR forms are introduced HMRC will no longer send copies of these forms to businesses that need to: apply for MLR registration apply for a fit and proper test (this applies to Money Service Businesses and Trust and Company Service Providers only) tell HMRC about changes to their business Instead the new forms MLR 100, MLR 101 and MLRRCT1 will be available from the HMRC website. You will be able to download the forms, save them to your computer and fill in the forms on screen (you will no longer have the option to fill in the forms by hand). When you have finished you will need to print off the forms, sign and date them before sending them to HMRC.
CIPP Policy News Journal
12/04/2013, Page 305 of 362
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