Does this requirement to notify you apply to all authorised firms, including insurance brokers?
Yes – it applies to all authorised firms. If you are also a money service business or a trust and company service provider, you should tell us using the Notifcations form. This requirement stems from Regulation 31 of the Money Laundering Regulations 2007 that came into effect on 15 December 2007. An exception is firms who offer mainstream regulated activities and which are supervised either by the Institute of Chartered Accountants in England and Wales (ICAEW) or the Solicitors Regulation Authority (SRA). We have agreed with the ICAEW and SRA that they will oversee TCSP activity undertaken by these firms. We may extend to members of other professional bodies listed in Schedule 3 to the Regulations, although we have not yet reached agreement with those bodies.
