.png)
.png)
Do not ignore the anti-money laundering regulations
Money laundering is a serious problem. So it is right that professional advisers have anti-money laundering (AML) obligations. But too often those requirements can seem to be pointless form filling. A recent tribunal report N Bevan Ltd (TC5404) (tinyurl.com/z8xtmom) shows that failure to comply with those obligations can have a serious impact.
The accountant had a small client base and had not taken on any clients for some time. His clients were local and he met them at their business premises. Many had come to him through personal recommendation. The tribunal concluded that the risk of money laundering or terrorist activity by his clients was limited but the accountant had no documentary evidence to show that he had carried out appropriate checks. The result was that a business with a turnover of about £50 000 and a gross profit of...
Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
