Has your firm complied with the BOOM and TCSP requirements?
Changes to anti-money laundering (AML) regulations mean that relevant firms and sole practitioners must comply with the following requirements before 26 June 2018.
ACCA sent a communication to all practitioners on 18 May including an electronic form to provide the required information. It is the relevant firm’s and sole practitioner’s responsibility to ensure that only fit and proper individuals who have not been convicted of a relevant offence are submitted for approval as beneficial owners, officers and managers (BOOMs). To ensure that all forms are adequately submitted by 26 June 2018, relevant firms and sole practitioners should ensure that their BOOMs are fit and proper and have not been convicted of any relevant offence.
Information is required to cover the following two areas:
Under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the MLRs) all relevant persons acting as Trust or Company Service Providers (TCSPs) must be registered with HMRC. HMRC has asked Professional Body Supervisors to provide a list of their supervised relevant persons that act as TCSPs before 26 June 2018. As part of the 2018 practising certificate (PC) annual renewal ACCA asked PC holders to confirm whether their firms provide any services that fall within the definition of a TCSP. Due to the low response rate and the importance of this regulatory requirement, we are asking all ACCA practitioners to include in the form details of all businesses providing TCSP services, whether or not previously notified to ACCA.
Please consider that practitioners providing accountancy services which fall outside the meaning of public practice (for example book-keeping or TCSP services) may not have previously registered their businesses providing these services with ACCA but will, nevertheless, be subject to supervision. Practitioners must ensure that details of these businesses are included in the form.
The MLRs require that all BOOMs of relevant firms must be approved by the relevant supervisory authority. This also includes sole practitioners and any officers and managers working for them. To comply with this requirement, relevant firms and sole practitionersmust submit an application including all BOOMs before 26 June 2018. Once the application has been submitted ACCA can process the application after 26 June 2018. As ACCA already has the details of existing practitioners, applications should only include individuals who don’t currently hold an ACCA PC. Details must include the full name of the individual BOOM, the role/title and confirmation that the BOOM is fit and proper.