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What are the requirements to become a Beneficial Owner, Officer or Manager (BOOM)?

Article ID: 2924
Last updated: 10 Jun, 2019

A person shall only qualify as a Beneficial Owner, Officer or Manager (BOOM) of a firm or sole practice within the Accountancy Service Providers (ASPs) sector upon approval from their Anti-Money Laundering (AML) Supervisor. Such an approval will only come following an application to their AML Supervisor, within which confirmation is given that a Beneficial Owner, Officer or Manager (BOOM) is not subject to any relevant criminal convictions. In essence, a person wishing to qualify as Beneficial Owner, Officer or Manager (BOOM) will need to undergo Basic DBS (Disclosure Barring Service) check through the relevant websites.

Article ID: 2924
Last updated: 10 Jun, 2019
Revision: 1
Views: 134
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