Money Laundering

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groundy
groundy Registered Posts: 495 Dedicated contributor 🦉
I have just registered to be monitered by AAT for money laundering, however I was wondering if anyone knew what a member in practice should be doing to verify the identity of new clients.
I am aware of the usual passports, bank stmts etc. But should we be using external companies to verify this information and if so can anyone recommend one.

Cheers.

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  • T.C.
    T.C. Registered, Tutor Posts: 1,448 Beyond epic contributor 🧙‍♂️
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    I have not yet registered. Does anyone have more details about this and our obligations?
  • Sue
    Sue Registered Posts: 217 Dedicated contributor 🦉
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    Hi TC

    I received an email from the AAT on the 11th December regarding registering. The deadline for registering with them was 2nd January, but then if they didn't send you the details, perhaps they'll make an exception!!

    The cost for registering with the AAT is £80.

    If you let me have your email address I'll forward my email to you, it has a phone number and email address for the AAT, so assuming they don't ignore your email, you should be able to get more information from them.

    Sue
  • Dean
    Dean Registered Posts: 646 Epic contributor 🐘
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  • T.C.
    T.C. Registered, Tutor Posts: 1,448 Beyond epic contributor 🧙‍♂️
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    I will sort it out. Has everybody else out there registered????
  • TAB
    TAB Registered Posts: 39 Regular contributor ⭐
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    Hi T.C I received the same email as Sue and have filled in the registration form to which the AAT would let me know if they would be monitoring me but as yet I've not heard anything.
  • claudialowe
    claudialowe Registered Posts: 275 Dedicated contributor 🦉
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    My e-form got stuck in "send" mode - so a nice woman at AAT did it over the phone with me. Since then, though, I have heard diddly squat!

    Have to say that until January is a dim and distant memory, it is not overly high on my list of priorities.

    Claudia
  • Sue
    Sue Registered Posts: 217 Dedicated contributor 🦉
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    Has anyone received their confirmation from the AAT regarding supervision and monitoring for Money Laundering?

    I seem to remember the original email said it would be confirmed this month?
  • pinksponk
    pinksponk Registered Posts: 57 Regular contributor ⭐
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    Money Laundering HMRC or AAT

    Im a bit confused. Do you have to pay £95 registration fee to HMRC as well as £80 to AAT. Can anyone explainhow this works.
  • Sue
    Sue Registered Posts: 217 Dedicated contributor 🦉
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    You don't have to pay registration to HMRC if you are registered with the AAT. Have you received confirmation from the AAT?
  • T.C.
    T.C. Registered, Tutor Posts: 1,448 Beyond epic contributor 🧙‍♂️
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    I have received nothing from AAT about the money laundering. I have registered with them.
  • Monsoon
    Monsoon Registered Posts: 4,071 Beyond epic contributor 🧙‍♂️
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    Is the £80 in addition to the MiP fee? I didn't see this anywhere when I applied. I sent off the MLR app with my MiP app, still waiting for them to get back to me.
  • A-Vic
    A-Vic Registered Posts: 6,970 Beyond epic contributor 🧙‍♂️
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    Hi

    Just quick note wasnt sure if you were asking this but

    1, A form 64-8 with client signature (HMRC)
    2, A Passport/ CIS or any form of photo id with full name
    3, Previous accountant clearence letter.
    4, Letter of engagement - (your contact of services that you will and can provide)
    5, Copies of Bills with full and current address on.

    Like i said i wasn't sure if this is what you were asking but hope it helps
  • LouiseR
    LouiseR Registered Posts: 59 Regular contributor ⭐
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    I have just just sent of my MIP application with the MLR form

    Is this the requirement for MLR?
    A-Vic wrote: »
    Hi

    Just quick note wasnt sure if you were asking this but

    1, A form 64-8 with client signature (HMRC)
    2, A Passport/ CIS or any form of photo id with full name
    3, Previous accountant clearence letter.
    4, Letter of engagement - (your contact of services that you will and can provide)
    5, Copies of Bills with full and current address on.

    Like i said i wasn't sure if this is what you were asking but hope it helps
  • Monsoon
    Monsoon Registered Posts: 4,071 Beyond epic contributor 🧙‍♂️
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    LouiseR wrote: »
    I have just just sent of my MIP application with the MLR form

    Is this the requirement for MLR?
    Yep, the requirement to be registered.

    The ID and everything is your ongoing obligations to check your clients are who they say they are ;)
  • Sue
    Sue Registered Posts: 217 Dedicated contributor 🦉
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    Hi Faerie9

    The £80 is in addition to the MIP licence Fee.

    I seem to remember the website originally saying this years payment was going to be taken in September.
  • A-Vic
    A-Vic Registered Posts: 6,970 Beyond epic contributor 🧙‍♂️
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    LouiseR wrote: »
    I have just just sent of my MIP application with the MLR form

    Is this the requirement for MLR?

    This is the practise we had been advised when we had a Money Laundering inspection at work we had to make sure that all this was included in the client's file.
  • Sue
    Sue Registered Posts: 217 Dedicated contributor 🦉
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    Hi A-Vic

    It's the registration for monitoring through the AAT that I was querying rather than the actual procedure. We had to register with them last year and we all seem to still be waiting to hear back from them.
  • A-Vic
    A-Vic Registered Posts: 6,970 Beyond epic contributor 🧙‍♂️
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    No worries sorry got the wrong end of the stick :001_smile:
  • Monsoon
    Monsoon Registered Posts: 4,071 Beyond epic contributor 🧙‍♂️
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    Sue wrote: »
    Hi Faerie9

    The £80 is in addition to the MIP licence Fee.

    I seem to remember the website originally saying this years payment was going to be taken in September.

    Thanks Sue.
    Odd, I didn't see anything about this and I did look!
    They've taken the £85 MiP fee off my card but I've not heard a dicky bird other than that.....
  • Poodle
    Poodle Registered Posts: 711 Epic contributor 🐘
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    faerie9 wrote: »
    Is the £80 in addition to the MiP fee?

    Yes it is.

    I paid full member fee £109.00 and License fee iof £134.00 in March this year when my licence was up for renewal.

    The £80.00 for ML will be due on the 1st April next year. I have just checked with the membership support team.

    Poodle
  • Monsoon
    Monsoon Registered Posts: 4,071 Beyond epic contributor 🧙‍♂️
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    I just spoke to the MiP team.
    The MLR fee is currently £60. I guess this is for new applications.
  • TAB
    TAB Registered Posts: 39 Regular contributor ⭐
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    I have received a letter from the AAT in March 08 confirming that they are my supervisory authority for the purposes of Money Laundering Regulations. I will be invoiced for the annual fee of £80 (£20 if on reduced licence fee) at my next licence renewal.
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