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

• Performing client due diligence

• Ongoing monitoring of clients

• Ensuring staff are appropriately trained

• Enabling staff to make an internal Suspicious Activity Report (SAR)

AML Centre provides a simple and effective hub for recording, storing and maintaining all evidence of those systems and controls to ensure firms are able to demonstrate compliance to their supervisory body, should they be required to do so.

Getting Starting with AML Centre

We have collated all the information we think you'll need to fully understand your obligations as set out by the Money Laundering Regulations and to begin setting up and using AML Centre in order to comply with them. Electronic verification of your clients’ identities, if required, is only part of the process and the functionality can be used in isolation in TaxCalc, if AML Centre has not been purchased. For information on this functionality only, please refer to  AML Identity Checks: Collateral.

The Basics

1. What is Money Laundering?​​​​​ ​​​​
2. What are my firm's responsibilities to comply with Anti-Money Laundering (AML) regulations(AML) regulations

Setting up and using AML Centre

1. Getting Started with Anti-Money Laundering (AML)
2. How to customise Client Risk Assessment?
3. How can I see whether identity evidence has expired?
4. Can I run a Sanctions check via AML Centre?

Regulations for Practices

1. Who should I be supervised by for Money Laundering Regulations?
2. Who does the Anti-Money Laundering regulation apply to?
3. What additional obligations are required from regulated firms?
4. Where can I find the AML Policies and Procedures document?
5. What is the purpose of the Policies and Procedures?

Roles

1. What is the role of Office for Professional Body AML Supervision (OPBAS)?
2. Does the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) supervise the accountancy sector?
3. What is Office for Professional Body AML Supervision (OPBAS)?
4. What are the requirements to become a Beneficial Owner, Officer or Manager (BOOM)?

Common Offences 

1. What is tipping off?
2. What is the penalty for tipping off?
3. Does the offence of tipping off only apply to persons in the regulated sector?
4. What are the secondary offences under the Money Laundering regulation?
5. What are the legal responsibilities of an accountant to report suspicions?
6. What is Money Laundering?
7. What should a Beneficial Owner, Officer or Manager (BOOM) do when they become subject of a relevant criminal conviction?
8. What is the AML stipulation on spent convictions?
9. What happens if a Beneficial Owner becomes a subject of a criminal conviction?