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Getting Started with AML ID Checking
This easy to understand Help Guide contains useful information as well as clear and simple instructions on how to perform an AML search via the TaxCalc website. Please see the Getting Started with AML ID Checking Online guide for details on how to use the AML ID Checking service online. Need...
rating 09 Aug, 2021 Views: 228
AML Centre: Collateral
TaxCalc’s Anti-Money Laundering (AML) Products helps accountants, bookkeepers and other finance professionals meet their obligations under the Money Laundering Regulations. The regulations require systems and controls to be put in place, which are capable of: Assessing the risks to the firm ...
rating 08 Mar, 2022 Views: 178
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 27 Nov, 2019 Views: 154
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: 151
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 01 Sep, 2020 Views: 149
How do I assess money laundering risk on firm-wide basis?
To assess the money laundering risk, you must consider the likelihood of the risk occurring and the impact if the risk occurs.
rating 10 Jun, 2019 Views: 134
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: 123
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: 120
What do you do after you have carried out a risk assessment?
Once a risk assessment has been completed: policies, controls and procedures need to be put in place to reduce any risk of money laundering identified. businesses should be monitored on an on-going basis, to ensure controls are effective. any suspicious activity or transactions should be...
rating 10 Jun, 2019 Views: 115
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: 115
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: 108
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: 97
What are the key steps in performing an effective firm-wide risk assessment?
There are three key steps in performing an effective firm-wide risk assessment: identifying the money laundering risks faced by different areas of the business, clients and market served by the firm. assessing each risk identified by considering the likelihood of it occurring and the resulting...
rating 10 Jun, 2019 Views: 95
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: 94
When should you apply Customer Due Diligence (CDD)?
Customer Due Diligence (CDD) should be applied when: establishing a business relationship with a customer. there is a suspicion of money laundering or terrorist financing. there are doubts about a customer’s identification information obtained previously. it becomes necessary, for example,...
rating 10 Jun, 2019 Views: 91

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