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
All UK businesses regulated under the Money Laundering Regulations 2007, whether Money Service Businesses or other regulated persons should treat transactions associated with Iran as situations that by their nature can present a higher risk of money laundering or terrorist financing
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.
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?
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 announced a new ID card for foreign nationals which will begin a roll out programme starting on the 25 November 2008.
A SAR should be made as soon as the knowledge or suspicion that criminal proceeds exist has arisen, especially if consent may be required, or at the earliest opportunity thereafter.
Accountancy services include the recording, review, analysis, calculation or reporting of financial information and covers professional bookkeeping services, preparing or signing accounts or certificates of financial information concerning a person’s or organisation’s financial affairs, and advising on tax.
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.
The specific failings and breaches which are clearly defined within the Money Laundering Regulations 2007 and may attract civil or criminal procedures from your supervisor
Your first requirement before commencing work is to be registered for compliance supervision with an appropriate supervisor.