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ANTI MONEY LAUNDERING & COUNTERING FINANCING OF TERRORISM ACT 2009 CHANGES 

 

From 1 October 2018 all accounting firms must comply with the requirements of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML for short).

 This is another reminder that we must now verify the identity of our clients, and various other persons who may control the client or act on a client's behalf in certain circumstances. Financial institutions have had to comply with AML for a while now so you may be used to providing proof of your identity to your bank. If you have had transactions with your lawyer from 1 July 2018, you would have had to provide proof of your identity to them as well. Now it's the accountants turn to comply with AML.

 We will let you know if and when AML applies to you. If it does apply, we will need to verify your full name, date of birth and address (which may seem a little strange if we have known you for a number of years!). To do this you will need to provide us with a current rates demand or utility bill, and a copy of your passport or drivers licence.

In some circumstances we may also request information confirming the source of the funds for a transaction and/or the source of your wealth (eg: property you own). For our part, we must file regular reports with the appropriate authorities detailing the transactions we have dealt with and notifying them of any suspicious activity. Once these new requirements have been operating for some time we will all become familiar with them and it will then cause little inconvenience.

If you have any queries about AML, please don't hesitate to contact us.