Mandatory AML data collection
30 January 2018
We have been talking to you since December about new, mandatory Government anti-money-laundering requirements that mean we need to collect information from you and approve certain roles if you provide services.
We are collecting the necessary information through an online application form, which you should have been sent last week. Thank you to all you who have completed and submitted their forms.
If you have not yet filled in the information, you have until 17.00 on Friday, 2 February 2018, to do so.
What information did we ask for?
We have to collect and hold information about those covered by the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. If your firm is covered by the scope of these regulations, you must apply to us for approval of all officers, managers and beneficial owners.
You must also provide us with information if you offer trust or company services, so that you can be included in a HMRC register. We have to provide the information to HMRC by 28 February 2018. You must complete and submit this form even if your firm does not carry out activities that fall under the money-laundering regulations – you still need to declare you are not doing this type of work.
This is a compulsory requirement under Outcomes 10.8 and 10.9 of the SRA Code of Conduct 2011 and, for relevant persons, Regulation 66 of the money-laundering regulations.
If you are subject to these regulations, failure to comply with the notice is a criminal offence, as well as a breach of our rules.
Help is at hand
We have provided a Q&A to help you fill in the form.
If you have any queries on the content of the form not answered in the Q&A section of the website, please contact our Ethics Helpline.
If you have technical queries or need help checking the details we hold about you in your mySRA account, please speak to our Contact Centre.