Institute of Interim Management run seminars in February on new Money Laundering Regulations

The seminars will be held at the IoD premises in London and Manchester from 4.00 pm – 8.15 pm, cost to IIM Members £70 plus VAT (total £82.25) and for Non-IIM Members £90 plus VAT (total £105.75). 

Two categories of Interim managers fall within the scope of the Money Laundering Regulations as members of the Regulated Sector:

• Those whose role includes providing accounting services (e.g. bookkeeping, preparation of accounts, profit/cash flow forecasts etc) and/or tax advice to their clients
  
• Those who operate as directors at their clients – including both those formally appointed, and those who are de facto or shadow directors within the Companies Act 2006 definition

IIM Deputy Chairman Tom Brass, one of the speakers at the seminars, emphasises: “Fro those interims who are affected by the Regulations, turning a blind eye to them is not an option.  If they get it wrong, they face both considerable reputational risk and the attentions of the regulatory authorities.

Penalties include prison sentences and/or unlimited fines.  These seminars will provide an overview of this new regulatory regime, to give interims an understanding of the obligations now imposed and the key actions and issues to be dealt with.”

For some interim managers, these new Regulations impose a legal requirement to register formally with HMRC as a member of the Regulated Sector, as a pre-condition of being allowed to continue in business as an Interim; and registration is not automatic – it includes a ‘fit and proper’ test. 

More generally, the Regulations oblige all members of the Regulated Sector to identify clients formally and monitor their transactions. And all members of the Regulated Sector are obliged to report suspicious transactions to the Serious Organised Crimes Agency (SOCA) under the Proceeds of Crime Act 2002 and/or the Terrorism Act 2000.