Posted: 16 August 2010
Issue: Vol 166, Issue 4268
Categories: Update, News
Keywords: money laundering regulations, MLRs, Financial Services Authority

Compliance responsibility cannot rest with consultants

Following the move by the Financial Services Authority to ban three company directors from acting as senior managers, after they failed to meet their supervisory standards, the Revenue has reminded bosses that it takes the same view in relation to firms meeting their obligations under the money laundering regulations (MLRs).

While external consultants may advise regarding obligations, the responsibility for complying with the MLRs remains with the business rather than the consultant.

HMRC do not allow a consultant from outside the business to be appointed as a nominated officer for any of the firms supervised by the department under the MLRs.

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