In order to вЂњmanageвЂќ there must be some additional discretion and involvement by the firm in relation to the funds held. Managing client money has a narrower definition than just handling funds through your client account in accordance with your clientвЂ™s instructions. You will not be вЂњmanaging client money, securities or other assetsвЂќ by receiving these funds for that purpose. Surely we are вЂњmanaging client money, securities or other assetsвЂќ as we are facilitating the conveyancing transactions? We rarely use client account other than to receive funds in respect of the purchase or sale proceeds. Many firms may also be acting as a trust or company service provider, and some others may be acting as tax advisers, or estate agents, etc.Д®xample 1 We are a small practice that concentrates on road traffic criminal cases but from time to time will carry out property transactions for established clients on a fixed fee basis. It is likely to include those firms offering conveyancing services or corporate finance work. This applies to all firms participating in the financial or real property transactions listed at regulation 12(1). The category that is most likely to be applicable is вЂњindependent legal professionalвЂќ. We are asking you to tell us if you undertake work in any of these categories because we are required to maintain a record of who we supervise under each category. auditors, insolvency practitioners, external accountants and tax advisers (regulation 11).trust or company service providers (regulation 12(2)).independent legal professionals participating in certain financial or real property transactions (regulation 12(1)).The main categories likely to be relevant are: Regulation 8 states that the MLR apply to certain categories of persons acting in the course of business carried on in the UK. These officers will be identified in mySRA after they have been approved by the role title 'anti money laundering officer'. If your firm has any individuals that under the money laundering regulations are considered a manager, beneficial owner or officer of the firm (BOOM), they need to apply for approval to us under regulation 26. money laundering reporting officer (MLRO).money laundering compliance officer (MLCO).You will need to nominate the following role holders: Failure to do so may result in breaches of both our Standards and Regulations and of the MLRs resulting in you committing a criminal offence. You need to tell us if you have stopped providing a particular service, or if you want to start providing a new service which falls within scope of the MLRs. You should be aware that it is a criminal offence to undertake Trust and Company Service work unless you are on the HMRCвЂ™s register. You will be provided with a copy of the decision once you have been approved by us. We will recommend beneficial mangers, owners and officers are fit and proper, and then HMRC will make the final decision to including a firm on the register. If you are applying to do Trust and Company Service work, you will only be able to start this kind of work once your firm has been included on HMRC register. You must confirm the services your firm undertakes that are subject to money laundering regulations. You can apply by logging into mySRA to make changes to your anti-money laundering (AML) authorisation.

Anti money laundering compliance form