Money-laundering: Martin Nimmo explains the position of trust and company service providers under the UK Money Laundering Regulations 2007.

AuthorNimmo, Martin
PositionTechnical matters


This is essential and urgent reading for interim managers, non-executive directors and company secretaries. Even if you do not recognise yourself as a trust and company service provider (TCSP), you should read the definition as given in the Money Laundering Regulations 2007 (MLR), which should leave little doubt about whether you need to be supervised for anti-money-laundering purposes (see panel). Be warned: similar requirements are scheduled to cover TCSPs in the Republic of Ireland later this year and will eventually cover those working in all other EU member states.

Some of these activities are covered by CIMA's council regulations and require registration as a member in practice. Members in practice have already been told that, unless they have arranged to be supervised by another authority, they will be deemed to be supervised by CIMA.

But non-executive directors and company secretaries of all companies (financial and non-financial) and those who arrange the appointment of such persons should note that they are included as designated persons. Accordingly, such persons (whether CIMA members or students) must comply with the requirements of the law whether or not the company of which they are a director or secretary is caught separately by the law--for instance, if they are a non-executive director of a credit or financial institution or collective investment scheme.

Recruitment agents should determine whether they come under the category of "arrangers of persons to act as directors and company secretaries". Professional institutes or associations that match directors or secretaries to companies seeking such officers may also have to consider registering.

The largest group of CIMA members covered by the MLR (apart from "external accountants" and tax advisers) is likely to be those who offer interim management services, either individually or through a company or agency. The Institute of Interim Management ( is not a designated supervisory authority under the regulations. CIMA can supervise any members or students who are TCSPs, but they must e-mail immediately and request supervision. There is no requirement to register with HM Revenue & Customs as well as with CIMA.

Monitoring all CIMA's supervised persons under MLR will start...

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