Please remember to email over your in-date, Government-issued photo ID. Where this doesn’t include your home address, please provide two proofs of address (utility bill, bank statement etc.)
Many thanks for your help with our compliance requirements.
Read Below To Understand Why We Need To Ask All These Questions
In the world of accounting, having a robust Anti-Money Laundering (AML) compliance system is crucial. You may not link accounting to AML checks, but accountants play a crucial role in safeguarding the UK’s financial system
Legal and Ethical AML Obligations
As Chartered Accountants, we need strict policies and procedures to make sure we do customer due diligence (CDD) for every client. This is a rule we must follow and the CDD process supports other regulated anti-money laundering (AML) activity
Karen Chase, HB Accountant’s director says “money laundering facilitates severe crimes like modern slavery, drug trafficking, fraud, bribery, corruption, and terrorism . Accountants have an ethical and legal AML obligation. Identifying suspicious activity and submitting suspicious activity reports (SARs), plays a significant role”
Whole-Firm Risk Assessments, Controls and Training
Accountants need to understand the updated 2017 money laundering regulations. One new requirement is that every firm must carry out and document a ‘whole-firm’ risk assessment and must have systems and controls in place, including training, capable of:
- assessing risk
- performing client due diligence
- monitoring existing clients
- keeping appropriate records
- reporting suspicious activities both internally (to a nominated officer) and externally (by the nominated officer to the National Crime Agency).
CDD is a non-negotiable and is a safeguard against compliance risks. Checklists can be adapted for each client depending on your company’s service offerings and the specific needs of your client.
Accountants need to know the parties involved and have to ask questions
- What businesses are they currently involved with?
- Have you gained professional clearance from their previous accountant?
- Where are they generating their income?
- Have you looked into the prospective client’s previous year-end accounts submissions?
- What public information is available about the client?
CDD doesn’t stop at onboarding a new client
If you decide to take on the client, due diligence must continue. Encourage clients to maintain open lines of communication, especially when making significant financial decisions. This proactive approach will aid identifying any associated risks.
Record Keeping for Accountants
Records must be kept for a minimum of six years from the end of the last financial year they relate to.
If You Have Any More Questions Why Not Head To Our FAQ’s
Click Here For Our Frequently Asked Questions
If you want to discuss your accounting requirements do get in touch. Not only can we help with your questions, we can offer you support with your tax, management accounting and so much more. You can contact us on 01992 444466. We’re accountants for businesses and for people. We’re here to help.
The information contained above is for general guidance purposes only. Whilst every effort has been made to ensure the contents are accurate, please note that each individual has different circumstances and it is essential that you seek appropriate professional advice before you act on any of the information contained herein. HB Accountants can accept no liability for any errors
Read our latest blogs below
- Vehicle Excise Duty on Electric Cars from 1 April, 2025
If you drive an electric vehicle, you need to be aware of these changes to road tax. Currently, electric vehicles (EVs) are exempt from Vehicle Excise Duty (VED) also known as road tax. However, from 1 April 2025, drivers of electric and low emission cars, vans and motorcycles in the UK will need to pay … Continue reading - Post Autumn Budget Tax Rates update: 2024-25 tax year
Following the Autumn Budget delivered by the Chancellor last month, it is important to understand any changes to UK tax rates and allowances. This information enables you to make the most of the opportunities available to you. Whether you are a business owner, a sole trader, a landlord or an individual – understanding your thresholds … Continue reading - Thank You For Signing Your Engagement Documentation!
Please remember to email over your in-date, Government-issued photo ID. Where this doesn’t include your home address, please provide two proofs of address (utility bill, bank statement etc.) Many thanks for your help with our compliance requirements. Read Below To Understand Why We Need To Ask All These Questions In the world of accounting, having … Continue reading - Budget Breakdown: Insights for Self-Employed, Companies, and Everyday Earners
On 30th October, Chancellor Rachel Reeves has presented Labour’s first Budget since their election. Understanding how their changes to the UK tax system impacts on your business and personal affairs is paramount. Get budget clarity here. - Would you host a T Level student? We are!
T Levels are a 2-year, national qualification for 16-19 year olds and are an alternative option to A Levels and apprenticeships. Students choose to study T Levels as they offer hands-on training alongside traditional academic study as 80% of the time is in the classroom with 20% on a minimum 45 day placement with an … Continue reading - Discovering Your Career Path with HB Accountants at Generation Hertford: Exploring Ikigai and Purpose with Biz4Biz’s App
At HB Accountants, we’re passionate about supporting young people in their career journey, which is why we’re excited to be attending Hertfordshire Futures, Generation Hertford – a fantastic local careers fair aimed at giving students exposure to real employers and insight into the choices available to them after school. Whether you’re interested in accounting, finance, … Continue reading
