Archive for the ‘General Information & FAQ’s’ Category
20.01.11 UK identity cards can no longer be used to confirm identity under MLR
Under the Money Laundering Regulations businesses need to carry out customer due diligence on their customers. This involves asking to see documentary evidence of a customer's identity. Since November 2008 the UK Borders Agency (UKBA) has issued an ID card to migrants from countries outside the European Economic Area (EEA). From ...
07.09.10 Charity Commission publishes advice for donations for the floods in Pakistan
The Charity Commission, the independent charity regulator for England and Wales, has published advice for people who want to support those affected by the floods in Pakistan, whether by fundraising or by making a personal donation. The public’s support is crucial to enable charities to deliver desperately needed aid to Pakistan ...
22.01.10 Fraud losses cost the UK £30bn a year
Fraud - including scams, online theft, insurance cheats and tax fraud - costs the UK £30bn a year, according to an official estimate. The National Fraud Authority (NFA) has calculated the figure for the first time ...
02.09.09 BTC to participate in HMRC Forum for TCSP’s
Steve O’Neill of Business Tax Centre has been chosen to be a part of HMRC’s supervisory forum for Trust and Company Service Providers. This is the second such forum organised by HMRC, the first being one for large money service businesses. The forums organised by HMRC’s ‘Money Laundering Regulations Team’ meet ...
26.08.09 BTC Challenges HMRC over right to view SAR’s on supervisor compliance visits
BTC Challenges HMRC over right to view SAR’s on supervisor compliance visits HMRC has published its Code of Practice for supervisory purposes for visits to businesses under Money Laundering Regulations (COP28). This Code of Practice tells you what you can expect from HMRC Supervisory staff and what they expect of you ...
03.08.09 Identity fraud soars in 2009
New Cifas stats paint bleak picture for the UK's financial institutions and card companies. Identity fraud surged by nearly three quarters in the first half of the year, driven by continued malicious online activity, and the economic slowdown, according to new figures from UK fraud prevention service Cifas. The organisation was set ...
22.04.09 MLR – acting for family members
If you have known somebody as a close relative for 40 years do you still need to ID him before accepting instructions? AccountingWEB.co.uk 22-Apr-2009 Common sense approach This post assumes that you are acting for your friends and relatives’ by the way of businesses and not in just a ‘family’ capacity which was ...
16 March 2009 HM Treasury warns businesses of serious threats posed to the international financial system
The Financial Action Task Force (FATF) has announced that it remains concerned by Iran’s failure to meaningfully address the deficiencies in its Anti-Money Laundering and Combating Terrorist Financing (AML/CTF) regime, particularly in respect of terrorist financing and suspicious activity reporting. The FATF has called on its members to consider effective countermeasures ...
19/02/09 Increase in the Money Laundering annual registration fee
HMRC today announce an increase of the annual registration fee for businesses registered under the Money Laundering Regulations 2007 to £120. The sectors affected are Money Service Businesses, High Value Dealers, Trust or Company Service Providers and Accountancy Service Providers. The Money Laundering Regulations supervisory regime is run on a full ...
Ongoing Monitoring – What are the practical implementations for existing clients?
Do the requirements to carry out ongoing monitoring of customer due diligence measures and client’s business relationships mean that you must obtain a passport and utility bill from your existing clients or that you must investigate all the business affairs of your clients? For many existing clients which date from 1 ...
