Category: General News & Cases

AML Compliance: European Union Blacklist for Tax Havens

MEPs have called for a tightening of the rules on which countries are added or removed from the blacklist and indicated that UK overseas territories such as the Cayman Islands, Bahamas, Jersey and Guernsey are among those which should be added to an EU tax havens blacklist after the conclusion of the Brexit deal,

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Money Laundering Regulations Breaches

Money Laundering Regulations Breaches. For professional firms that provide defined services, the regulations require their anti-money laundering systems and controls meet the UK’s anti-money laundering regime’s requirements. The regulations require these firms to ensure that relevant employees are kept aware of the firms’ policies, controls and procedures and are accountable for their actions.

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Customer Verification Biometric Facial Recognition

New Service – Customer Verification Biometric Facial Recognition, We are now pleased to be able in addition to our usual EV solutions add Biometric Facial Recognition to the customer onboarding process for both UK and overseas individual checks.

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Unexplained wealth orders

As part of The Criminal Finances Act UWOs, require individuals to explain various issues about an asset, including how it was obtained, including the source of the wealth, have been recently introduced to the UK.

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Policies and Procedures AML Regulations 2017

A complete set of templates which aids in the requirements in the Regulations for risk sensitive policies and procedures which are able to demonstrate to a supervisor your firm’s specific policies, controls & procedures for AML

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Anti Money Laundering verification platform

Access to the SmartSearch Platform through Business Tax Centre is on a ‘pay as you have used basis’ with no formal contractual amount payable, pay for your usage only.

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Offshore Assets

Offshore Assets HMRC has published guidance on a letter which tax advisers and financial institutions may need to send to clients who have income or assets overseas, explaining its wider powers to exchange tax information with other jurisdictions and urging anyone who is in doubt about their offshore tax position to seek advice Accountants and

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Money Laundering Supervison

The UK’s supervisory approach to compliance of obliged entities to the Money Laundering Regulations were branded “woefully inadequate” and are failing to block “corrupt money” and terrorist funds, an anti-corruption body has warned.

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EU’s Fourth Anti-Money Laundering Directive

This is the first of a number of posts, looking at the implications EU’s Fourth Anti-Money Laundering Directive on the UK’s Regulated Sector

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CCAB issues a reminder for practitioners to stay vigilant over money laundering

The Consultative Committee of Accountancy Bodies (CCAB) has published a useful guidance document reminding accounting service providers (oblige practitioners) of the importance of safe-guarding against money laundering.

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