Compulsory On Line AML Checks

Compulsory On Line AML Checks

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I've had a company on the phone trying to flog on line credit checks for AML.  They mentioned that it would be compulsory to use on line and they were "trying to give me a heads up".  Personally I think this is rubbish, but with this government, you never know!

Does anyone know whether there are any compulsory plans?  Will it be the end of certified copies of passports, etc..?

Thanks

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David Winch
By David Winch
25th Nov 2009 10:01

Your instinct

Richard

Go with your instinct on this!

Part of compliance with the MLR 2007 is to recognise where you have a client (or prospective client) who is a 'PEP' (a 'politically exposed person' - basically someone with links to a foreign government) or with whom you are prohibited to conduct business (for example because they are an identified terrorist on a list compiled by HM Treasury).

Now I COULD say that you can only be sure about this if you make a specific check with reliable source documents and the sensible way to do that would be to use one of the electronic services.  However the more complete answer would be that you are required to take a risk-sensitive approach.  It may be (and for most accountants will be) the case that never in a million years would one of your clients be a PEP or a recognised terrorist.  If that is the case there is no obligation on you to make specific checks against individual clients.

If, on the other hand, you have the type of clients who might fall into one of these categories then you need to take appropriate steps to address that.

David

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By Richardrussell
25th Nov 2009 12:05

Thanks David

Reassuring as ever.

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By welsh_dragon
25th Nov 2009 13:29

Trust

Is it me, or do I get the feeling that no one trusts this government ?

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