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EU money laundering directive and amendments to PSC register rules

4th May 2017
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lifecycle

Lifecycle is a new and unique network for accountants.

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Lifecycle’s latest round of CPD seminars begins next week - this time examining the introduction of the EU 4th Anti-Money Laundering Directive this summer.

These free Lifecycle seminars will be delivered by tax expert and author Steve O’Neill. They will focus on the risks of unintentionally facilitating this growing area of economic crime - which costs over £24billion per annum for the UK economy - and how professionally qualified accountants can help combat it.

This is the most comprehensive AML legislation to be introduced in Europe for many years and brings to a close the two-year window for the implementation of the EU 4th Directive due to be enacted on 25th June 2015. By 26 June 2017, all EU member states must be compliant with the new mandates.

Steve’s recently published guide to the five top money laundering warning signs highlighted the submission of inconsistent or incomplete information as a key concern for accountants whilst discussing the steps being taken to overcome associated issues.

These include the extension of the UK’s Persons with Significant Control (PSC) regime - introduced in January 2016 under the Small Business, Enterprise and Employment Act 2015 - so that companies and other legal entities incorporated in EU member states will be legally obliged to keep a register of beneficial owners.

As accountants and tax advisers are at risk from potential clients who may be in a position to launder money or handle illicit funds, it is critical that all accounting firms are fully up to date with the changes so as to comply with the new AML legislation.

Accountants should remain vigilant for any client documentation that cannot be verified, multiple tax IDs, and protected identities of business beneficiaries, partners or owners.

Confirmation of a client’s ID means being satisfied with the applicant’s true identity following verification from reliable, independent source documents and data, or with information and satisfactory evidence of appropriate parts of the individual’s accumulated profile.

Data - or electronic searches - are already proving to be the most effective way to achieve the clearest identity verification whilst also performing negative Politically Exposed Persons (PEP) and sanctions searches, which will also be strengthened under the new directive.

Read Steve’s five top money laundering warning signs here. Places can be booked on a seminar here.

 

About the Lifecycle network

Lifecycle is a unique network for accountants - provided by the Leonard Curtis Business Solutions Group.

Lifecycle is free to join and also offers members many additional benefits. These include eligibility for a highly competitive Professional Indemnity insurance scheme, a regular programme of free training and education and discounts on products and services relevant to their business and clients’ needs.

Services offered by Lifecycle include: Company secretarial and formation; equity finance for SMEs; debt advisory for SMEs; personal debt advice; corporate restructuring, insolvency and cessation; debt finance for SMEs; cashflow maximisation; property solutions and legal services.

For more information on Lifecycle click here and to become a member of Lifecycle click here or call for free on 03300 242 333.

Follow Lifecycle on Twitter here or email at [email protected].

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