AML checks

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Hi All,

If during the AML client doesnt mention other beneficial owners but then it comes out that there are, would you consider it as suspicious? I dont have any other reservations for the client. 

And if yes, what would your next steps be? Would you ask for more info or would you automatically decline the appointment?

Many thanks

 

Replies (11)

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RLI
By lionofludesch
26th Jul 2017 08:16

Depends.

Did you ask ?

Are the circumstances such that you would have expected them to volunteer the information ?

Have these beneficial owners signed up since the meeting ?

Give us more than sawdust to plait.

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Replying to lionofludesch:
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By Tax Dragon
26th Jul 2017 08:18

Give the Lion a steak to chew on.

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Replying to Tax Dragon:
RLI
By lionofludesch
26th Jul 2017 08:43

Medium rare, onion rings, mushrooms and a dollop of champ, please.

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Replying to lionofludesch:
By mrme89
26th Jul 2017 10:13

http://sirdukes.co.uk/
The place for steak, and up the road for you.

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Replying to mrme89:
RLI
By lionofludesch
26th Jul 2017 10:26

mrme89 wrote:

http://sirdukes.co.uk/
The place for steak, and up the road for you.

Looks good - but there's no champ on the menu.

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Replying to lionofludesch:
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By AM123
26th Jul 2017 09:29

I request info (ID + proof of address) on all Beneficial Owners as part of my AML checks.

The new beneficial owner signed up recently.

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Replying to AM123:
RLI
By lionofludesch
26th Jul 2017 10:01

Well if you're not prepared to disclose any more, I can't offer any helpful comment.

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RLI
By lionofludesch
26th Jul 2017 08:16

Another duplicated post..

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By raybackler
01st Aug 2017 11:25

Most clients have no idea about the AML Regulations and can easily get confused. I explain that they have to give the same ID to accounting firms as when opening a bank account and ask if there any other signatories. Then I ask about percentages of ownership. I don't mention beneficial owners, because there is much more chance of a misunderstanding. On balance, unless you have other reasons for being suspicious and you say there are none, I would go ahead, particularly as they have now given the correct information.

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Replying to raybackler:
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By AM123
01st Aug 2017 16:52

Thanks for the tip, will use it next time. It might well be that there was a misunderstanding.

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By richardterhorst
01st Aug 2017 11:39

Do they understand what is meant by "A beneficial owner"?

If asked if there is a beneficial owner they will probably look at you oddly and say no, irrespective if there is one. Or say, yes my wife!

But like the lion says not a lot of meat.

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