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How can I see whether identity evidence has expired?
New report columns are available for AML report customisations to highlight when identification evidence is due to expire. Once your clients have provided their identity evidence, it is important to ensure your records are kept up-to-date. Therefore, we have introduced additional selection when...
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04 Apr, 2023
Views: 691
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Are there any prerequisites to running an AML Identity Check?
The following minimum data is required to run an AML Identity Check: Surname Forename Date of birth UK residential address.
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04 Apr, 2023
Views: 602
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What are the legal responsibilities of an accountant to report suspicions?
Accountants are legally obliged to report any knowledge or suspicion, or grounds for either. Full definitions can be found in the government’s advice document AML Guidance for the Accountancy Sector Any employee is legally obliged to report suspicions to their Money Laundering Reporting...
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12 Jun, 2019
Views: 578
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AML search results for Powys residents.
We have been made aware of an ongoing issue between Equifax, our AML partners, and Powys Council in Wales. Equifax have not had access to the Powys Council Electoral Roll since 30 November 2017. This means that any searches made on residents of Powys Council may not have returned a correct...
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18 Jul, 2018
Views: 557
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Who should I be supervised by for Money Laundering Regulations?
If your business is within the tax and accounting sector, you or your firm must be supervised. This includes sole practitioners and principals in partnerships/limited liability partnerships and companies. For Money Laundering Regulations, the main supervisory bodies for accountants, bookkeepers,...
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16 Jul, 2019
Views: 531
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What are the advantages of the risk-based approach?
Businesses are able to focus their efforts and resources where risks are highest and decide on the most cost-effective way to control money laundering risk by following the steps prescribed by the risk-based approach.
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10 Jun, 2019
Views: 487
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Can I run a Sanctions check via AML Centre?
Yes. Within the Client Due Diligence area of AML Centre, start an Identification stage for a client and go to Client Information. At the foot of the screen, select ‘Yes’ to ‘Do you want to run a sanctions check?’ A new child page ‘Sanctions check’ will appear. Search Sanctions...
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26 Mar, 2020
Views: 481
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Does the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) supervise the accountancy sector?
The Office for Professional Body Anti-Money Laundering Supervision (OPBAS) aims to improve consistency of professional body AML supervision in the accountancy and legal sectors, but does not directly supervise legal and accountancy firms. The Office for Professional Body Anti-Money Laundering...
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09 Jun, 2021
Views: 480
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Can electronic identification be used as the only source of verification?
The Anti-Money Laundering regulations is not prescriptive. The onus is on the businesses to satisfy themselves of clients’ identities on a case by case basis. Electronic identification can be used as part of the wider process or, where appropriate, the only source of identification.
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10 Jun, 2019
Views: 468
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What should a Beneficial Owner, Officer or Manager (BOOM) do when they become subject of a relevant criminal conviction?
If an individual who has been approved as a Beneficial Owner, Officer or Manager (BOOM) becomes subject to a relevant criminal conviction, then they must inform their AML Supervisor within 30 days of the conviction. They must also inform their firm within 30 days of when they become aware of the...
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10 Jun, 2019
Views: 432
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What are the secondary offences under the Money Laundering regulation?
There are two secondary offences under the money laundering regulation: Tipping-off, where someone informs a person or people who are, or are suspected of, being involved in money laundering in such a way as to reduce the likelihood of their being investigated or prejudicing an investigation. ...
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10 Jun, 2019
Views: 431
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What is an Anti-Money Laundering electronic verification?
An electronic verification involves calling upon several data sources to verify a customer rather than relying on documentary evidence.
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10 Jun, 2019
Views: 424
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What are some of the merits of electronic verification?
Electronic verification has many advantages such as: saving time and helping build customer relationships, as it removes the need for the customer to be present while the check is conducted. providing the extra security and reducing the risk of money laundering and fraud, as documentary...
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10 Jun, 2019
Views: 418
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What is Money Laundering?
Money Laundering is the process by which criminal proceeds are sanitised to disguise their illicit origins.
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10 Jun, 2019
Views: 416
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Does information from electronic databases qualify as acceptable form of verification of clients’ identities?
Under the UK’s Anti-Money Laundering regime, information from electronic databases is an acceptable form of verification of clients’ identities.
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10 Jun, 2019
Views: 376
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