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...
rating 04 Apr, 2023 Views: 516
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.
rating 04 Apr, 2023 Views: 440
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.
rating 10 Jun, 2019 Views: 409
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...
rating 12 Jun, 2019 Views: 407
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...
rating 18 Jul, 2018 Views: 400
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,...
rating 16 Jul, 2019 Views: 380
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...
rating 26 Mar, 2020 Views: 334
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...
rating 09 Jun, 2021 Views: 321
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.
rating 10 Jun, 2019 Views: 317
Who is a Beneficial Owner?
In the case of a body corporate, a Beneficial Owner means any individual who: as respects any body other than a company whose securities are listed on a regulated market, ultimately owns, or controls (whether through direct or indirect ownership or control, including through bearer share...
rating 10 Jun, 2019 Views: 284
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. ...
rating 10 Jun, 2019 Views: 280
Which professional bodies have been approved and adopted in the UK?
There are 22 Professional Body AML Supervisors (PBSs) overseen by the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) and are listed in Schedule 1 to the Money Laundering Regulations 2017 (MLR 2017): Association of Accounting Technicians Association of Chartered...
rating 10 Jun, 2019 Views: 275
What is Money Laundering?
Money Laundering is the process by which criminal proceeds are sanitised to disguise their illicit origins.
rating 10 Jun, 2019 Views: 275
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.
rating 10 Jun, 2019 Views: 273
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...
rating 10 Jun, 2019 Views: 268

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