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	Money Laundering Regulations 2007 From 15 December 2007 the Money Laundering Regulations 2007 required certain businesses to register with HM Revenue & Customs (HMRC), have systems in place to prevent money laundering and to report suspicious activity. They supervise four business areas or sectors under the Money Laundering Regulations 2007: Money Service Businesses (MSBs) High Value Dealers (HVDs) Trust or Company Service Providers (TCSPs) Accountancy Service Providers (ASPs) If you already know what sector your business falls within we recommend you use the links above to the 'home pages' for each business area. If you are not sure if your business will be affected by the regulations we have provided some examples of the types of businesses in each sector on these home pages. If you are not listed you should check the more detailed definitions in MLR 9 Registration Notice (PDF 204K) to see if you need to register with us. Money Service Businesses (MSBs): These are bureaux de change, money transmitters and third party cheque cashers. High Value Dealers (HVDs): These are businesses prepared to accept high value payments of at least €15,000 (or equivalent in any currency) in cash for goods, either in a single transaction or in several instalments. For an indication of the £ sterling equivalent of €15,000 we recommend you check our Rates of Exchange for Customs and Vat purposes and divide 15,000 by the euro figure stated. Businesses that could be a high value dealer include: jewellers auctioneers car dealers antique dealers Trust or Company Service Providers (TCSPs) You will need to register with HM Revenue & Customs (HMRC) if your business is not supervised by the FSA or a designated professional body (such as the Institute of Chartered Accountants of England and Wales or the Institute of Certified Bookkeepers) for these services. You can find a list of bodies in our MLR 9 Registration Notice (PDF 204K) appendix 1. Businesses that could be TCSPs include: Company Formation Agents providers of registered offices, business addresses, accommodation or correspondence addresses for businesses other than sole proprietors any individual or firm providing nominee director, nominee company secretary or nominee shareholder services or other similar services designed to ensure the confidentiality of the true ownership or control of a company or corporate body, or to act in these roles on behalf of another person or firm any individual or firm arranging for another person to act as a director, company secretary, partner or professional trustee any individual or firm offering professional trustee services, unless they relate to certain low risk trusts any individual or firm providing their services as nominee shareholder (unless they are acting for a company whose securities are listed on a regulated market) any firm providing their services as a company director, company secretary, or partner to another firm unless the client firm is a member of the same group as the firm providing the service any individual providing their service: as nominee director or nominee company secretary as company director, company secretary or partner to a firm carrying out business in the following high risk areas: within a high risk jurisdiction within a high risk sector Unless the firm is: already supervised under the MLRs a public authority a firm authorised by a public authority to act on their behalf where the only customers are also public authorities Although we have given you some examples of businesses affected we recommend you check our MLR 9 Registration Notice (PDF 1MB) to see if you need to register and apply anti-money laundering controls to your business. Detailed explanations of the terms used above such as arranging, high risk sectors and jurisdictions and low risk trusts, can also be found in MLR 9. Accountancy Service Providers (ASPs) You will need to register with HMRC if your business is not supervised by a designated professional body (such as the institute of Chartered Accountants of England and Wales or the Institute of Certified Bookkeepers). You can find a list of bodies in our MLR 9 Registration Notice (PDF 1MB) appendix 1. Businesses that could be ASPs include: accountants auditors tax advisers bookkeepers payroll agents tax consultants customs practitioners interim managers undertaking any of the activities of the businesses listed above Notice: 18 February 2009 Money Laundering annual registration fee HMRC advise of an increase, to £120, of the annual registration fee for businesses registered under the Money Laundering Regulations 2007. The sectors affected are Money Service Businesses, High Value Dealers, Trust or Company Service Providers and Accountancy Service Providers. The Money Laundering Regulations supervisory regime is run on a full cost recovery basis and the fees you pay cover the expense of running the operation. Our costs include registering new businesses, contacting and visiting businesses, running an effective risk system, maintaining the register and producing guidance and information for customers. Introduced in 2002, the fee was initially set at £100, and was subsequently reduced to £60 from June 2003. There were no changes until 1 June 2007, when the fee was increased to £95; this level was maintained in 2008. It is now necessary to increase the fee further in order to provide us with sufficient income to cover our costs over the next year. The cost of registration from 1 June 2009 will be £120 per premises. If you are a registered Money Service Business, High Value Dealer, Trust or Company Service Provider or Accountancy Service Provider, you do not need to do anything now. Your next fee renewal notice (MLR 113) will be sent to you as normal and will be based on the new fee level.

Susan Wall Accounting Services Ltd established 2003 - Co. Registration No: 04975333