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Trust or company service providers (TCSPs) should register their businesses with HMRC by 1 April 2008 under the new Money Laundering Regulations, which came into force on 15 December 2007.
These providers need to register with HMRC by the deadline in order to carry on in business.
HMRC also say that accountancy service providers (ASPs) will be able to register with HMRC from 1 April 2008. Applications received before that date will be held for processing immediately the register opens.
HMRC want ASPs to apply before 1 July 2008 to give HMRC sufficient time to process their application by the deadline. They say that businesses applying late risk not being included on the register when it opens on 1 October.
If that happens they will not be able to trade legally until they are included on the register.
Under the new Money Laundering Regulations, TCSPs and ASPs have to be supervised by a designated professional body in order to carry on trading.
If they are not already supervised by a designated professional body, or for TCSPs the Financial Services Authority, they need to be registered with HMRC.
The two forms on HMRC's website that businesses need to familiarise themselves with are the updated registration form, MLR 100, and the new 'fit and proper test' form, MLR 101.
All those affected will need to register using the revised MLR100 registration notice. Money service businesses (which had to register by 1 February 2008) and TCSPs, in addition, will need to complete the new MLR101 fit and proper form for all relevant people within the business as part of their registration application.
The fit and proper test is an objective negative-criteria check of the background of an applicant intended to disrupt criminal access to the money service business and trust or company service provider sectors.
The number of people in each business subject to the test will depend on the structure and organisation of that business.
Those subject to the test include sole proprietors, partners in a partnership, directors of a company, significant shareholders in a company and the nominated officer of the business.
The registration fee for 2008-09 will be £95 for each premise for businesses registering with HMRC. This is the same level as for 2007-08.
Applicants for the fit and proper test have to pay a £50 fee for each person.
