Tag Archives: anti-money laundering

UK Companies slow to disclose ultimate ownership details

In spite of efforts to make UK registered companies disclose their ownership through the people with significant control (PSC) register, thousands of companies don’t comply with the rules brought in to counter fraud and money laundering. According to a 2018 Freedom of Information request to Companies House by Fortytwo Data (now Napier), over 57,000 UK… Read More


AML training must be more than mere lip service

In a recent sanction by the Central Bank, attention is being drawn to the fact that anti-money laundering (AML) training needs to be focused, specific and ongoing. In the sanction report, a financial services firm was fined €443,000 in June 2018 for failures that included lack of appropriate AML training. The sanctions report reads: ‘it… Read More


Preparing for the General Data Protection Regulation (GDPR)

A lot of generic information has been written about the GDPR and the fact that it comes into effect across the EU on Friday 25 May 2018. According to the Economist newspaper website ‘GDPR is not a matter of fix it and forget it. The new regulations mandate organisation-wide personal data awareness from data protection… Read More


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Anti-Money Laundering legislation needs to be taken seriously by accountants

Not paying attention to the UK’s AML legislation has cost a UK accountant at least £8,000. In a decision published in December 2016 an ICAEW member, in practice for 26 years, who was earlier fined £5,000 by Leeds Crown Court, was severely reprimanded by his Institute and ordered to pay costs of over £3,278 and… Read More


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The ‘Right to Be Forgotten’ and how it affects AML client screening

  A landmark EU data protection judgment in 2014 on the ‘right to be forgotten’, has affected the ability to use Google and other well-known search engines to carry out anti-money laundering (AML) due diligence. On its own, Google is not a sufficient anti-money laundering (AML) risk screening tool, as some search results could be… Read More


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AML Update

  AML legislation in Europe is primarily driven by the European Commission and on 26 June 2017 the Commission published a press release highlighting the urgency of the existing AML rules to be implemented in each Member State by adoption of the Fourth AML Directive. 26 June 2017 was the deadline for implementing this Directive… Read More


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More than a decade on: why is AML still an issue?

It would seem fair to assume that after eleven years the profession has got to grips with the anti-money laundering (AML) regulations. However they remain one of the key problem areas encountered on regulatory inspections. Perhaps the obvious reason for failing to focus on AML procedures is that firms can’t raise a fee note for… Read More


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Are your engagement letters up to date?

Welcome to the first of our regular blogs on topical issues for accountants in practice. Are your engagement letters up to date? Once upon a time it was possible to have the same client engagement letter in place for several years, without too much upset. However the pace of change in the various pieces of… Read More