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Compliance & Company Secretarial
AML & Client Compliance
Client identification, risk assessment and AML compliance procedures appropriate to the firm's regulated activities.
Overview
How we help with AML & Client Compliance
As a regulated firm we are required to identify our clients, assess risk and keep records. It is a short process, and we would rather explain why it exists than treat it as a formality.
Before we begin work we verify identity and address for the individuals we deal with, establish beneficial ownership for corporate clients, and carry out a risk assessment on the engagement. For most clients this is a quick electronic check plus a couple of documents.
Records are kept securely for the period required and reviewed periodically. We also advise business clients who are themselves within scope of the Money Laundering Regulations on the procedures they need in place.
What's included
Everything covered in this service
Scope is agreed in writing before we start, and the fee is fixed against it. If something falls outside, we tell you what it costs before doing it.
- Client identity and address verification
- Beneficial ownership and control checks for companies
- Engagement risk assessment and ongoing monitoring
- Source of funds enquiries where required
- Secure record keeping in line with the regulations
- Guidance for clients who are themselves regulated
Who it's for
Built around how you actually operate
Corporate structures
Companies and groups where beneficial ownership must be established.
Regulated businesses
Clients who need their own AML procedures reviewed.
FAQs
AML & Client Compliance: common questions
What documents do you need?
Usually photo identification and proof of address for each individual, plus incorporation and ownership details for companies. Most of it can be verified electronically.
Why is this required?
Accountancy is a regulated sector under the Money Laundering Regulations. Firms must identify clients, assess risk and keep records. It applies to every regulated practice, not just ours.
How often do you review and refresh AML checks?
We refresh identification and risk ratings on a schedule based on the client's risk rating, and immediately if something material changes, such as a new director, a change of ownership or an unusually large transaction.
We're already regulated elsewhere, do you need to duplicate our checks?
Not necessarily. If your business already holds AML supervision, for example as an estate or letting agent, we review your existing procedures and confirm what, if anything, still needs to happen through us rather than duplicating work you've already done.
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Let's talk about AML & Client Compliance
Tell us who the engagement covers, individuals, companies or trusts, and we'll confirm exactly which checks apply and how quickly we can complete them, at a fixed fee agreed upfront.
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