Anti-money laundering is a set of laws and regulations that were formed to prevent criminal activity where people try to disguise legally obtained funds as legitimate income. AML forms a vital part of a bookkeeping business to ensure correct regulation and protection from money laundering. As bookkeepers we have a significant role to play in ensuring our services are not used for criminal purpose and that we are not engaged in any criminal activity.
When we take on a new client one of the first things we need to do, before we can start working with the client, is to ask them to send some personal information or documentation. This is usually in the form of a copy of a passport or driving licence and a recent utility bill so that we can do our money laundering checks. This is nothing to be worried about and is all part of our standard client onboarding process.
This is not only a requirement of all clients in line with the Governments Anti Money Laundering Regulations, but we are also obliged by Law and by CIMA to undertake these checks. We need to verify that you are who you say you are and check that the company and its beneficiaries are properly registered.
At Your Support Team we use CreditSafe to verify both the company and the beneficiaries. CreditSafe continually monitors risk assessment and updates us with any changes we need to be aware of ensuring we stay compliant. Any information we hold is secure and in line with GDPR and we take our clients confidentiality seriously.
All our staff are regularly trained on AML and GDPR and refresher courses are done when the legislation changes. We are all trained to recognise and deal with any transactions in relation to money laundering, as well as to identify and report anything that gives us ground for suspicion. Under the Money Laundering Regulations, it is a criminal offense if we do not report suspicious transactions. Our ongoing training enables us to stay at the top of our game, be properly licenced and enable us to offer the best and most trustworthy advice.
We know we may sound like a stuck in the mud when we ask you for this information, but we are committed to upholding the law in all that we do.
If you have any questions regarding this then please can in touch at firstname.lastname@example.org.