The undermentioned article gives an overview of the above formalities and in particular anti money laundering checks and due diligence that need to be carried out.
Our process is very straight forward and is done online within a matter of minutes.
Please complete the form above and read the article below.
Click here to view full details on Anti Money Laundering Regulations.
We are required, Legally and Professionally to carry certain due diligence including Money Laundering Clearance checks for all clients prior to any discussions leading to an engagement.
You can see the current legislation to the Money Laundering Regulations 2007 here.
The government has published draft Money Laundering Regulations 2017 (MLR 2017), due to come into force in June 2017. They implement the EU’s 4th Directive on Money Laundering.
In doing so, they will replace the Money Laundering Regulations 2007 currently in force (MLR 2007).
Due Diligence measures are designed to check that clients are who they say they are.
Due diligence measures must be applied in the following instances:
In most cases a simple ID check will suffice, however, enhanced checks must be carried out in the following cases:
Enhanced checks will require the following measures:
You will need to provide the information on the form in order for the team to complete these checks.
In addition, we will need copies of your passport or drivers licence as well as two other types of verification such as a utility, council tax or telephone bill, dated within the past three months.
Money laundering today is defined much more broadly by POCA (The Proceeds of Crime Act 2002) as “possessing or in any way dealing with or concealing the proceeds of any crime”
In addition, it is defined as any act that breaks the law from which the person receives any benefits (including financial).
Proceeds of Crime covers a large area but the main examples of this are
Under the POCA, it is recognised that offenders should not be able to benefit from their criminal conduct, so the courts have the power to confiscate any benefit that a defendant may have received from their crime.
Chartered and certified accountants are regulated for Anti-Money Laundering by ICAEW and ACCA.
Unqualified accountants, whether in practice or in industry, are required to get clearance from HM Revenue & Customs (HMRC).
The regulators will check compliance with all aspects of MLR (The Money Laundering Regulations).
Anti-money laundering checks (AML) are a legal and professional requirement for many professions including accountants.
The Relevant legislation applies:
We carry out all checks electronically online.
These checks leave a trace on the client’s credit history but does not affect the credit rating.
No checks are carried out without first obtaining your consent either verbally or in writing.
We will send you an online form for completion and this is where you can provide the necessary supporting documentation such as passport or drivers licence.
Once we have all the relevant information, we can carry out the ID check.
We may also request additional information in instances where extended due diligence is required
The Client sign up process can then begin.
There is also an offence known as ‘tipping off’ under the Act.
This is what would happen if a person in the regulated sector were to reveal that a suspicious activity report had been made, say for example about a customer, to that customer.
Where this disclosure would be likely to prejudice any investigation by the authorities, an offence may be committed.
A tipping off offence may also be committed where a person in the regulated sector discloses that an investigation into allegations that a money laundering offence has been committed is being contemplated or carried out, and again, that this disclosure would be likely to prejudice that investigation
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.