Accountants Complying with the Anti-Money Laundering Act
Banks have done it, Lawyers too, Accountants are no exception. As of 1st October 2018, Accounting firms are to comply with the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009.
in simple terms we are required to conduct a risk assessment on our practice to identify the likely events that we and our clients will post an AML/ CFT risk. This process requires us to implement a program to put preventative measures in place for such risks then follow the reporting guidelines to comply with the Act.
What does this mean for our clients?
We are required to hold on file;
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Notarised copies of client and in some instant’s beneficiary photo identifications.
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Certified copies of client physical addresses
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Finally, proof of earnings.
As a Yorke Stone client, we complete your Annual Accounts, so we already have proof of your earnings. In other instants we hold copies of payslip on file so no worries there.
We have client contact details on our database. This includes, for the most part, physical addresses. However, just like when you go to your lawyers, we are required to have a certified copy of your proof of address document. Finally, and this is where the bulk of our request will be, to hold a notarised or verified copy of your valid photo IDs on file.
This process has now been built into our New Client onboarding process. For current clients we are asking for your assistance. We will at some point ask you for 1 or all of the documents above, if you already hold a notarised copy of your ID you sent to your lawyer or the bank, please send that to us. If not, that’s ok, will guide you through that process when we get to you.
Questions are welcomed, please contact Nancy