Other Flashcards
1
Q
Who supervises business that are not a member of or otherwise regulated by one of the approved bodies?
A
HMRC
2
Q
How long do record relating to CDD and occasional transactions need to be kept?
A
5 years from the end of the client relationship
3
Q
If fees mentioned in an engagement letter do not mention VAT, what will the vat be?
A
Included in the fee
4
Q
What format does MLTF suggest record should be kept in?
A
Not specified
5
Q
For how long do records need to be kept in relation to reconciliation of a clients account?
A
6 years
6
Q
Can a client appeal a formal request for information from HMRC?
A
Yes
7
Q
What is in an engagement letter pack?
A
Covering letter
Schedules for various specific services
Standard terms and conditions of business
Privacy notice
Cancellation notices for consumers
