There continues to be an elongated debate about what bookkeeping and accounting services may expose you to if you process invoices, expenses, supplier payments and other financial transactions.
It is actually very, very clear – all VAs undertaking any bookkeeping or accounting related tasks should familiarise themselves with the regulations and understand what the anti-money laundering regulatory framework requires of processing transactions.
Everyone has to take ownership of their own responsibility (including employees, sub-contractors etc.).
Each VA must decide if they need to be registered depending on what they do and what they are processing.
General statements about VAs will not protect you if you are doing something that you shouldn’t be doing!
This topic coveered by a leading expert authority at the UK VA Conference this year, the Institute of Certified Bookkeepers. There are numerous real qualified experts out there – and a good starting point is here:
https://www.gov.uk/anti-money-laundering-registration
Do make yourself familiar with the requirements and register if you need to, and of course – as the regulation rqeuires, do report issues of suspicion when you discover them.
