Italian Client's

Given the recent notice issued by SOCA have all Italian clients become high risk ? Did HMRC issue a similar edict to accountants who are governed by them ? The Italians are likely to take a dim view of you blabbing , I believe this is called Omerta and has sanctions !

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glenbogle's picture

Italian Clients

glenbogle | | Permalink

Oh dear . I don't want to have some italian nutter lob a model of Wells cathedral at my Nose do I?
I would not wish them to know that the thought had crossed my mind.
It is well known that Italian's have been using "Boutique" products developed in Londonfor tax and accounting purposes for decades. The businesses that provide these have no doubt guarded themselves by taking extensive ML Questionnaires and keeping them Updated. However in that marketplace one does come across cases where the ultimate beneficial owner is not known. What are you meant to do then?
In any case my experience is that you always do end up haggling with Italians over fees .
It helps to strengthen your relations with them.

davidwinch's picture

If you are unable to complete CDD

davidwinch | | Permalink

If you are unable to complete satisfactory Client Due Diligence then Reg 11 MLR 2007 applies, see

http://www.opsi.gov.uk/si/si2007/uksi_20072157_en_3#pt2-l1g11

In essence you disengage from the client and consider whether you have a reportable suspicion.

David

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