Anti-Money Laundering and Countering Financing of Terrorism (AML)
Please don't stop reading as this is important!
As of 1st of October a new law is being introduced to Bookkeepers and Accountants around the Anti-Money Laundering and Countering Financing of Terrorism Act.
What is Anti-Money Laundering and Countering Financing of Terrorism (AML)?
What does this mean for Accountable Bookkeeping?
As many of our clients are what they call “Captured” we will need to:-
What does this mean for me as a client of Accountable Bookkeeping?
For new clients, we have a new set up process for this clients and we are required to complete a Customer Due Diligence processes including customer identification and verification of identity on all directors of the business. We will be doing this through a program called 2Shakes.
For current clients (we will be starting with Captured Clients), we will send you over the next month or so our new Terms and Conditions and we will need to complete a Customer Due Diligence processes including customer identification and verification of identity. This will apply to clients we just hold Xero Subscriptions for as well. Again this will be done through 2Shakes.
Some bookkeepers have chosen not to become AML Approved as it depends on what level of work they do for there clients.
This is AML in a nut shell. If you have any questions please email us and we will help answer your questions.
More information on AML click here. This has more information from a business point of view.
Please don't be worried about it all. It sounds a lot worst then it is!
As of 1st of October a new law is being introduced to Bookkeepers and Accountants around the Anti-Money Laundering and Countering Financing of Terrorism Act.
What is Anti-Money Laundering and Countering Financing of Terrorism (AML)?
- Money laundering is the process criminals use to ‘clean’ the money they make from crimes such as fraud, dealing in illegal drugs and tax evasion. By making the money look like it comes from a legitimate source, they can cover their tracks and avoid detection.
- They do this by buying, selling and channelling funds through things such as property, expensive goods and financial services. They then spend the money or use it to fund criminal activities.
- Money laundering makes it harder for authorities to find out where ‘dirty’ money comes from, stop crime, prosecute criminals, and seize illegally earned money and assets.
- People who finance terrorism use similar methods to money launderers to channel funds to violent causes and to disguise who is providing and receiving the money.
What does this mean for Accountable Bookkeeping?
As many of our clients are what they call “Captured” we will need to:-
- Complete a Risk Assessment of the money laundering and financing of terrorism that you could expect in the course of running your business;
- Fulfil an AML/CFT Programme that includes procedures to detect, deter, manage and mitigate money laundering and the financing of terrorism;
- Ensure a Compliance Officer is appointed to administer and maintain your AML/CFT programme;
- Participate in Customer Due Diligence processes including customer identification and verification of identity
- Ensure Suspicious Transaction Reporting, Auditing and Annual Reporting systems and processes are in place.
What does this mean for me as a client of Accountable Bookkeeping?
For new clients, we have a new set up process for this clients and we are required to complete a Customer Due Diligence processes including customer identification and verification of identity on all directors of the business. We will be doing this through a program called 2Shakes.
For current clients (we will be starting with Captured Clients), we will send you over the next month or so our new Terms and Conditions and we will need to complete a Customer Due Diligence processes including customer identification and verification of identity. This will apply to clients we just hold Xero Subscriptions for as well. Again this will be done through 2Shakes.
Some bookkeepers have chosen not to become AML Approved as it depends on what level of work they do for there clients.
This is AML in a nut shell. If you have any questions please email us and we will help answer your questions.
More information on AML click here. This has more information from a business point of view.
Please don't be worried about it all. It sounds a lot worst then it is!
