Posts Tagged ‘customer due diligence’
12.05.11 ICAEW Fine Accountant £5,000 for breach
At a Disciplininary Council meeting a Mr P R Honeywell FCA was found to have failed to comply with Money Laundering Regulations 2007 in that, following a practice assurance visit, he failed to: (i) document a client due diligence review; and (ii) identify clients for whom his firm, Honeywell (Monmouth) Limited, provides ...
26.04.11 Thousands of UK passports ‘thrown out with rubbish’
[caption id="attachment_457" align="alignleft" width="304" caption="UK Passport"][/caption] Some 10,000 passports a year are probably thrown in bins, says the UK's Identity and Passport Service (IPS). Launching a campaign urging people to keep passports safe, it warns the same number are lost ...
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 ...
10.08.09 JMLSG to Update AML Best Practice
Proposed amendments to key AML guidance in the UK were released on August 10th by the Joint Money Laundering Steering Group (JMLSG), a group of leading UK financial services trade associations that includes the British Bankers Association. JMLSG guidance is seen as the standard for AML compliance. Over recent months, the ...
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 ...
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 ...
New ID card for foreign nationals being introduced from the 25 November 2008.
Documentary evidence of identity (ID) - new ID card for foreign nationals being introduced from the 25 November 2008. The Money Laundering Regulations require relevant businesses to carry out Customer Due Diligence on their customers. This may involve asking for documentary evidence of a customer's identity. The UK Borders Agency has ...
FSA fines firm and MLRO for money laundering controls failings
FSA fines firm and MLRO for money laundering controls failings The Financial Services Authority (FSA) has today fined Sindicatum Holdings Limited (SHL) £49,000 and its money laundering reporting officer (MLRO), Michael Wheelhouse, £17,500 for not having adequate anti-money laundering systems and controls in place for verifying and recording clients’ identities. This ...
Q. What is Customer Due Diligence?
Customer Due Diligence (CDD) is a key part of the anti-money laundering requirements. They ensure that businesses know who their clients are, what their clients business are and do. They help ensure that you do not accept clients unknowingly which are outside your normal risk tolerance, or whose business you ...
