Subcontracted Payroll & B2B Engagements
Crown Payroll Services Ltd provides payroll processing on a subcontracted basis to accountancy firms and professional services providers. All subcontracted engagements are governed by a formal Letter of Engagement in accordance with MLR 2017 and IAB AML guidance. Crown Payroll Services Ltd is IAB supervised and TCSP registered.
Crown Payroll Services Ltd is supervised for AML purposes by the Institute of Accountants and Bookkeepers (IAB), Membership No. 500232126, and is registered with HMRC as a Trust and Company Service Provider (TCSP).
Customer Due Diligence is applied to the Client Firm as the contracting party. Simplified Due Diligence may be applied where our own risk assessment supports a determination of low risk, on the basis that the Client Firm is a regulated professional firm subject to equivalent obligations under MLR 2017. Simplified Due Diligence is a determination made by us and not an entitlement of the Client Firm. It is set aside where we doubt the veracity or accuracy of information previously provided, where we no longer consider the risk to be low, where a suspicion arises, or where any condition requiring Enhanced Due Diligence applies. The basis for each determination is documented on our AML file and reviewed periodically.
Simplified Due Diligence applied to the Client Firm does not extend to its underlying clients. Our obligation to satisfy ourselves as to the money laundering, terrorist financing and proliferation financing risk attaching to work we perform is not discharged by the Client Firm having carried out its own Customer Due Diligence. The Engagement Pack sets out our rights to request Customer Due Diligence records and risk assessments, to carry out periodic checks on a sample of underlying clients, and to conduct our own Customer Due Diligence where required.