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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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.
http://sirdukes.co.uk/
The place for steak, and up the road for you.
Looks good - but there's no champ on the menu.
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.
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.