Prior to the introduction of the new Money Laundering Regulations 2007, those offering book-keeping services were able to do so effectively without regulation. However, from 15 December 2007 it is a legal requirement that any person or firm acting as an Accountancy Service Provider (ASP) in the UK must be registered with and monitored by a recognised supervisory authority.

Approved Supervisory Authorities include:

• Association of Accounting Technicians
• Association of International Accountants
• Association of Tax Technicians
• Association of Chartered Certified Accountants
• Chartered Institute of Management Accountants
• Chartered Institute of Public Finance and Accountancy
• Chartered Institute of Taxation
• Council of Licensed Conveyancers
• Faculty of Advocates
• Faculty Office of the Archbishop of Canterbury
• General Council of the Bar
• General Council of the Bar of Northern Ireland
• HM Revenue & Customs
• International Association of Book-keepers
• Institute of Certified Book-keepers
• Institute of Chartered Accountants in England and Wales
• Institute of Chartered Accountants in Ireland
• Institute of Chartered Accountants of Scotland
• Institute of Financial Accountants
• Law Society
• Law Society of Scotland
• Law Society for Northern Ireland

Please note you need only register with one body.

Any book-keepers who are ineligible for, or choose not to apply for membership of a professional body with supervisory status will be required to register with HMRC, who will then oversee their activities. The deadline to register with HMRC was 1 July 2008 and their register opened on 1 October 2008. Anyone trading after 1 October 2008 who is not monitored by one of the supervisory bodies or registered with HMRC will be trading illegally. If this applies to you please register with utmost urgency.

To register direct with HMRC visit their website at www.hmrc.gov.uk.

Please note: BKN Members have access to comprehensive Money Laundering Resources in the Members-only area of the BKN site.