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It’s amazing we get any of our clients’ work done, soon we will be working on our own compliance all the time.
So is the threshold going down to 10% ownership or all beneficial owners? How would I do the latter for a membership organisation with 1,000 members?
I recently had a new firm of solicitors do some work for me. I had to go through all the AML and GDPR gumph, no probs. Then out of the blue I had a phone call from them asking if I was the Sir John Jenkins. I was amazed when told they had to ask as it was "due diligence". I actually checked to see if it was a wind up but was told it was part of their identification process. Looks like 1984 came a bit late.
Meanwhile, private schools collect fees from unidentified offshore vehicles and untold millions have flushed through the UK property market.
But an ever expanding, one-size-fits-all, burdensome and punitive regime for regulated professional firms is the answer …..
"Dear potential new client
I'd like to help you but my in-house regulatory compliance department (me, with another hat on) tells me it's not worth the admin.
Regrettably yours"
Whether or not checks are made between 24% of the 250 assessors surveyed. Almost a quarter admitted not knowing that their organization guarantees their owners at all. The AML uncertainty extends to the next 5AMLD. The EU's new AML guidelines set to be legal next year exceeded 61% of the census by then. 5am ignorance among the test responders arises for those prepared for change. The study found that one in five people familiar with the AMLD5 command fully understand the upcoming changes. Credas expects technology ownership to be the most important change for bookkeepers, as revealed to their respondents' overall risk. He helped me with my finances last month. Clearly, the 5AMLD that changes the size of the existing Register register is important. 5AMLD, published in June of last year, will strengthen the balance in virtual currency platforms and wallet providers, doubling the risk of currencies such as bitcoin.