European Parliament to Vote on the 4th Anti-Money Laundering Directive

European Parliament to Vote on the 4th Anti-Money Laundering Directive   The European Parliament on the 13th February will vote for legislative revisions to the current EU Anti-Money Laundering Directive (AMLD). This is a once-in-a-decade opportunity, the 3rd directive was voted on 17 December 2005. The proposed revised Anti-Money Laundering Directive should ...

Client Due Diligence – Beneficial Ownership list to be public, PM states

A list of "shell" companies where firms keep money offshore will be published to discourage tax evasion, David Cameron has announced, making changes to client due diligence for obliged entities. Ministers had already announced the register, intended to lift the "cloak ...

Suspicious Activity Reports

National crime Agency takes over the Suspicious Activity Reports regime  The UK’s response to the threat from serious and organised crime will be transformed today as the new National Crime Agency (NCA) becomes operational. The UK financial intelligence unit which was part of SOCA has now ...

Money Laundering Transparency & Trust discussion paper

On 15 July, Dr Vince Cable, Secretary of State for Business, Innovation and Skills, announced the launch of the Transparency & Trust discussion paper. This sets out a number of proposals aimed at addressing opaque ownership structures and ...

Cyprus damned on money laundering through leaked report

Almost 60 percent of one of the bailed out Cypriot bank's clients are "high risk" in terms of money laundering and almost a third of all bank depositors' records contain errors, according to a leaked EU report. The report which was published by the Cypriot website stockwatch.com.cy - was drawn ...

SmartSearch Gains ICAEW Affinity Statue

ICAEW Member Rewards Partnership SmartSearch are the preferred supplier of KYC and AML solutions for the Institute of Chartered Accounts England & Wales, we work with many of the largest Accountancy Firms, providing a total solution for Accounting Firms for Know Your Customer and Customer Due Diligence. Business & Individual AML Verifications ...

HMRC to contact businesses registered under the Money Laundering Regulations

HM Revenue & Customs (HMRC) Anti-Money Laundering Compliance Officers will shortly begin a programme of telephoning businesses registered with, and supervised by HMRC under the Money Laundering Regulations (MLR). These calls will be in addition to and will complement ongoing HMRC compliance activity. HMRC will be contacting businesses to make sure ...

OFT fines Leicester-based estate agent almost twelve thousand pounds

The OFT, in its first formal Regulatory penalty, has fined Leicester-based IPS Estate Agents Limited £11,844 for failing to comply with anti-money laundering regulations. IPS failed to comply with a number of requirements under the Money Laundering Regulations 2007, including those relating to: verifying the identity of customers keeping appropriate records ensuring that relevant ...

United Kingdom and Isle of Man to sign enhanced tax information exchange agreement

December 07, 2012  |   General News & Cases,HMRC News and Guidance   |     |   0 Comment

United Kingdom and Isle of Man to sign enhanced tax information exchange agreement The Government is to sign a tax information sharing agreement with the Isle of Man which will provide HM Revenue & Customs (HMRC) with a range of additional information about potentially taxable income in Manx bank accounts. This ...

The Government published its changes to the Money Laundering Regulations 2007

July 18, 2012  |   AML Legislation updates,General News & Cases   |     |   0 Comment

The Government today published its response to its consultation on changes to the Money Laundering Regulations 2007. Following this consultation the Government is now taking forward proposals to reduce the regulatory burden imposed by the current regulations, while strengthening the overall anti-money laundering regime. The aim of the changes was to ...