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Getting myself MIP'd

Raging PineapplesRaging Pineapples Well-KnownRegistered Posts: 110
Hi all,

I'm considering going MIP, but was wondering about a few things from the FAQ page.

What is the actual process involved in Money Laundering Checks? I work for my Dad's consultancy firm, and currently we work entirely for three limited companies, but we plan to do work for sole traders after I've gone MIP. So I need to know what we would require in order to verify them.

Also, regarding MIPness in general; my Dad (Managing Director) is a Fellow of the Association of International Accountants. How do you handle being an MIP, with the various license restrictions, etc, when only one of the directors is MIP and the other is governed by an entirely different body? Presumably the license affects only what the MIP does, so it doesn't impose limits on my Dad?

And professional cover; does this indicate that we would need a separate organisation to act as our professional cover, or does it suffice to say that Dad can be my cover?

I'd appreciate some guidance, because a lot of the MIP guides in the CPD section seem more geared towards being your own boss, rather than simply being one of several directors in a firm. Do I even have to be a MIP, for that matter?

Thanks for reading my ramblings! Let me know what you thoughts are :)

Comments

  • MonsoonMonsoon Font Of All Knowledge FMAAT, AAT Licensed Accountant Posts: 4,071
    MLR checks:
    Risk assess (low/med/high)
    Most little clients are low, in which case, take copies fof photo ID, recent proof of address, and I will also do an electronic ID check if I've not met them in person.

    You can be in a Ltd Co with other accountants in other bodies (I did this at one point).

    YOU are the person who is the MIP and if you work through your own business you need a MIP licence even if it's as a director of a company.

    No, it doesn't affect other members in the company.

    Yes your dad can be your professional cover as long as your continuity of practice arrangements are suitable.
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