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Money transfer businesses Bookkeeping and MLR

Money transfer businesses Bookkeeping and MLR

I have a potential new client whose nature of trade is Money Transfer Business. Just want to ask what are Money Laundering Regulations applicable to this business and what evidence I need to collect other than copies of Passport, Certificate of incorporation, proof of address and other personal detail.

The next question he just asked about the weekly book keeping, how much normally work involve on a weekly basis? Are there any areas of concerns in the book keeping?

Your replies will be much appreciated.

Best Wishes.


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07th Feb 2013 16:19

Money Transfer Business

As far as you (the external accountant) are concerned you treat this client like any other.

But the client itself is within the 'regulated sector' and has its own obligations under MLR 2007 and other regulations (which are considerably more onerous than the MLR obligations on you).

I presume you are not seeking advice on the client's obligations.


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By hham12
08th Feb 2013 11:12

Thanks for your reply. I need to satisfy my side not his that I have done the ML Compliance for this client.

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