MLR Regulations and Exemption

sloshed
sloshed Registered Posts: 100 🎆 🐘 🎆
in General accounting discussion
I am recently qualified full member and I am aware that I claim exemption because of the fee income being below £1000 but the question I have is can I still use the AAT as my supervisory body with regard to the MLR Regulations?

Hope somebody can advise me :001_smile:

Comments

  • lorraine
    lorraine Registered Posts: 404
    can I ask do you still require PII if you apply for exemption, and also who you are using as your provider for this if you do?
  • lorraine
    lorraine Registered Posts: 404
    I would like to know if I applied for exemption would I be able to get my MLR licence with AAT and also the PII insurance????, so that I can weigh up the pros and cons and it will help me to decide what to do this year......
  • sloshed
    sloshed Registered Posts: 100 🎆 🐘 🎆
    As I understand you still need to take out PII. It appears that you have to arrange this seperately and the MLR registration fee has to be with an alternative body more than likely HMRC.

    I have decided not to take on any clients as it is not financially worthwhile doing so. The costs of the PII and MLR registration fee exceeds the income I would receive.
  • lorraine
    lorraine Registered Posts: 404
    Hi Sloshed it costs about £125.00 to get the money laundering reg with HMRC and I don't know of any cheaper alternative to tragalfar square which I believe is only at a cheaper rate if you do it via AAT. Looks like the AAT route is currently the best option for me..........

Categories

Privacy Policy