I am a practising accountant with mix of clients. I wanted some guidance regarding money laundering complaince. Sometimes I get clients who are UBER/Deliveroo drivers and they normally provide their uber statements and expense receipts.
As it is the responsibilty of tax payer to declare all sources of income and as an accountant its not your duty to verify or audit figures provided by the client unless you can clearly figure out that the information is wrong or misleading.
Do we as an accountant, must always check clients personal bank statements for money laundering complaince or if a client walks in gives information about their income and expenses, should that be enough?
For safe side, I have always asked all clients who are sole traders or self employed to provide their personal bank statements just to verify that their income matches with money coming into bank account and to make sure there are no unidentified cash deposits or other transfers for money laundering complaince. Was just wondering do I need to do it?