The Money Laundering Regulations (MLRs) 2007 effective 15th December 2007.

Under the new MLRs, HMRC is the supervisory authority for Money Service Businesses (MSBs), High Value Dealers (HVDs), Trust or Company Service Providers (TCSPs) and Accountancy Service Providers (ASPs).

Summary of Institute of Chartered Accountants England and Wales guidance.

Do the Money Laundering Regulations 2007 mean everything changes? Don't panic or be lead into panic by others. The Regulations did not mean great change for those firms who were already acting in accordance with the second interim guidance issued by the CCAB. However there were some changes of which you should be aware.

Firms which are not part of the practice assurance scheme or covered by the monitoring arrangements of another anti-money laundering supervisory authority (which are listed in Schedule 3 of the 2007 Regulations) will need to register with and be supervised by the HMRC Besides the supervision implications the key points of the new Regulations are that from 15th December 2007 firms:

need to have a risk assessment in place, and conduct their client due diligence on the basis of that assessment including:

enhanced due diligence (including provisions regarding politically exposed persons need to identify the beneficial owner of a client