"UK fraud leaps to £2.3bn - Reported cases of fraud are rising and the amounts involved are getting larger – but still fewer than one in seven fraud offences are reported to the police."
No comment on what percentage of reported offences were successfully prosecuted by police.
Seems to me that AML is a waste of time, particularly given the amount of resources wasted, that could be better utilised elsewhere, and cost of those resources.
I would hope that most accountants do that; we are used to assisting clients with matters that cause them stress and confusion.
As humans most of us don't need to go to a FAB and groovy event to be lectured on how to do this. Nor do we want to be lectured about AML and MTD ITSA. A cruise seems preferable:-)
“This is my post self assessment treat to myself. I’m going to FAB..." - I'm going to go on a cruise.
I could think of nothing worse than going to listen to speakers talking about AML and 'the power of the human touch'. One day someone is going to take that literally and get arrested!
Even HMRC has now confirmed that it will cost landlords and sole traders £350 to set up for MTD ITSA. Their rationale is "MTD for ITSA is intended to help businesses get their tax right, with mandatory use of digital record keeping and using MTD compatible software to provide updates and returns digitally." Do they actually believe this?
The estimated cost is, as usual hopelessly underestimated. The anticipated benefits are hopelessly overestimated. Any software operates on a GIGO basis (garbage in, garbage out).
The same applies to AML, estimated cost was hopelessly underestimated. The cost v benefit hopelessly overestimated.
The CIOT and ICAEW sit on their hands and say nothing, apart from suggesting technical tweaks. When are the professional bodies going to learn to tell the government departments that they shouldn't fiddle with things they don't understand?
But there is no need for the set of rules. They are almost as pointless as someone having to prove their wife is their wife, or their sister is their sister.
In my experience, those in the upper echelons of professional bodies seem to have no concept of the realities of being a small practitioner, or of running a small business. Ray's comments reinforce this opinion.
Both AML and the likes of MTD are a complete waste of time and resources, yet the professional bodies do nothing to fight against them being introduced. They just tinker around the edges and rarely achieve anything worthwhile.
I am not aware of many cases where there is a successful conviction, or other proof that AML is working. An NCA Newsletter is only going to give the hype, no real stats.
I am not aware of many cases where there is a successful conviction, or other proof that AML is working. An NCA Newsletter is only going to give the hype, no real stats.
What the lazy bureauprats and jobsworths want is for everyone to do their job for them.
Criminals can easily run rings around all these checks, as far as I am aware there is no evidence that they are working. Therefore what we are being forced to do is an expensive and meaningless exercise. The time and money would be better spent elsewhere.
The professional bodies do of course lap up all these initiatives and never say no to any of them on behalf of their members. They should be more French (that is a positive comment, not a negative one in this scenario!) and ask their members to strike and say no to AML, MTD and all the other nonsense.
My broker had a similar problem with his sister. She didn't have a passport, driving licence or other documents to prove her ID and address. He therefore couldn't prove that she was who she said she was and he couldn't get her a mortgage!
The lunatics are running the asylum and we are forced to join them.
My answers
This reinforces my NO answer:
ICAEW Daily Insights (just to prove I do CPD!):
"UK fraud leaps to £2.3bn - Reported cases of fraud are rising and the amounts involved are getting larger – but still fewer than one in seven fraud offences are reported to the police."
No comment on what percentage of reported offences were successfully prosecuted by police.
Seems to me that AML is a waste of time, particularly given the amount of resources wasted, that could be better utilised elsewhere, and cost of those resources.
I would hope that most accountants do that; we are used to assisting clients with matters that cause them stress and confusion.
As humans most of us don't need to go to a FAB and groovy event to be lectured on how to do this. Nor do we want to be lectured about AML and MTD ITSA. A cruise seems preferable:-)
“This is my post self assessment treat to myself. I’m going to FAB..." - I'm going to go on a cruise.
I could think of nothing worse than going to listen to speakers talking about AML and 'the power of the human touch'. One day someone is going to take that literally and get arrested!
Even HMRC has now confirmed that it will cost landlords and sole traders £350 to set up for MTD ITSA. Their rationale is "MTD for ITSA is intended to help businesses get their tax right, with mandatory use of digital record keeping and using MTD compatible software to provide updates and returns digitally." Do they actually believe this?
The estimated cost is, as usual hopelessly underestimated. The anticipated benefits are hopelessly overestimated. Any software operates on a GIGO basis (garbage in, garbage out).
The same applies to AML, estimated cost was hopelessly underestimated. The cost v benefit hopelessly overestimated.
The CIOT and ICAEW sit on their hands and say nothing, apart from suggesting technical tweaks. When are the professional bodies going to learn to tell the government departments that they shouldn't fiddle with things they don't understand?
But there is no need for the set of rules. They are almost as pointless as someone having to prove their wife is their wife, or their sister is their sister.
In my experience, those in the upper echelons of professional bodies seem to have no concept of the realities of being a small practitioner, or of running a small business. Ray's comments reinforce this opinion.
Both AML and the likes of MTD are a complete waste of time and resources, yet the professional bodies do nothing to fight against them being introduced. They just tinker around the edges and rarely achieve anything worthwhile.
But what is the cost v benefit?
I am not aware of many cases where there is a successful conviction, or other proof that AML is working. An NCA Newsletter is only going to give the hype, no real stats.
But what is the cost v benefit?
I am not aware of many cases where there is a successful conviction, or other proof that AML is working. An NCA Newsletter is only going to give the hype, no real stats.
What the lazy bureauprats and jobsworths want is for everyone to do their job for them.
Criminals can easily run rings around all these checks, as far as I am aware there is no evidence that they are working. Therefore what we are being forced to do is an expensive and meaningless exercise. The time and money would be better spent elsewhere.
The professional bodies do of course lap up all these initiatives and never say no to any of them on behalf of their members. They should be more French (that is a positive comment, not a negative one in this scenario!) and ask their members to strike and say no to AML, MTD and all the other nonsense.
My broker had a similar problem with his sister. She didn't have a passport, driving licence or other documents to prove her ID and address. He therefore couldn't prove that she was who she said she was and he couldn't get her a mortgage!
The lunatics are running the asylum and we are forced to join them.