Anti-money Laundering – sounds scary, doesn’t it?
Our governing body (AAT) requires us to follow strict guidelines to help us spot signs of money laundering. Although we trust our clients, we must follow all of the steps to comply with the regulations.
What is anti-money laundering?
Our team are all trained to spot the signs of money laundering. Each client will have an identification check and risk assessment completed at the point of onboarding and then every year thereafter. We have to be sure each client is correctly identified and that their income hasn’t changed dramatically without justification.
As we have to complete the reports each year we will require:
Up to date data on each client
Valid identification from each client
Due to the nature of accountancy, the police rely on us to report any suspicious activity. The rules are becoming much more strict and so as a regulated firm, we have to comply with the rules.
What do our clients need to do?
For our clients, all we need to know is that your data on our systems is correct and up to date. Therefore each year, every individual client will receive an auto email on the 6th of April. This will request the following:
Confirmation of your email address
Details of any name changes in the past year
Details of any changes in marital status
Details of any children born in the past year
Confirmation of your mobile number
Details of any address changes in the past year
Details of any plans to move home in the next year
Details of if of any changes to bank details
Details of any changes to personal circumstances