AML Compliance Archives - Page 2 of 3 - Business Tax Centre Blog

Changes to PSC registers Transitional Arrangements

Posted on June 29, 2017June 29, 2017 by Steve O'neill

Changes to PSC registers Transitional Arrangements

Under the transitional arrangements set out in the Schedule to the 2017 Regulations, the obligation in s. 790VA to notify changes to Companies House applies to a change to a company’s PSC register made before, on or after 26 June 2016 unless the company has already notified the change in a confirmation statement. Any change to the PSC register made before 26 June 2017 that is notifiable under this rule, must be notified to Companies House before the end of the period of 14 days beginning with 26 June 2017. Continue reading “Changes to PSC registers Transitional Arrangements”

2017 Money Laundering Regulations Policies and Procedures

Posted on June 23, 2017June 23, 2017 by Steve O'neill

Policies and Procedures Templates for the Money Laundering Regulations 2017

For existing BTC account holders your order can be charged to your account, to find out more or discuss your requirements contact us by calling 01706 215803 or emailing businesstax@btc-nw.co.uk non-account holders can order through our online shop.

A complete set of templates which aids in the requirements in the Regulations for risk sensitive policies, controls and procedures which are able to demonstrate to a supervisor your firm’s specific policies, controls & procedures for AML. It includes:

• Templates covering The firms’ Policy Statement,
• Templates for the ‘Risk Register’ that is Risk Assessment & Risk Management controls and Procedures
• Templates for Policy and management procedures for reporting both internally and to SOCA
• A further ‘Tool Kit’ section packed with working papers and other relevant items to help you prepare your firms specific policies, controls and procedures.

The documents are delivered electronically allowing for simple editing in word along with explanations and instructions of what is expected of you for each section.

For more details visit our money laundering compliance website

Anti Money Laundering Verification Platform

Posted on June 23, 2017 by Steve O'neill

SmartSearch is Ready for the 2017 Anti-Money Laundering regulations

Access to the SmartSearch Platform through Business Tax Centre is on a ‘pay as you have used basis’ with no formal contractual amount payable, pay for your usage only.

The unique SmartSearch Anti Money Laundering verification platform is enabling regulated businesses to comply with the latest 2017 Anti Money Laundering (AML) Regulations and fulfil their AML, Customer Due Diligence (CDD) and Know Your Customer (KYC) compliance obligations. With no requirement for clients to provide identity documents, the SmartSearch is much more convenient and cost effective for both your firm and your clients.

Full details of our searches can be found on our money laundering compliance website

The unique platform brings together both Individual and Business searches for the UK and International Markets with automatic Worldwide Sanction & PEP screening.” It will give you complete functionality to process any type of AML search all from a single and easy to use platform.

The Real-time hosting of all your businesses search activity and AML outcomes enables you to recall on-demand any AML outcomes to support an internal audit or an external visit from your supervisory body or regulator.

Changes to PSC Information Filing Requirements

Posted on April 21, 2017 by Steve O'neill

From 26 June details of PSC Information will no longer be updated on the confirmation statement (CS01). Instead, companies will need to inform Companies House on forms PSC01 to PSC09 whenever changes occur. Companies will have a 14-day window in which to update their internal registers and a further 14 days to send the new information to Companies House. Therefore, a maximum filing time of 28 days from the date of the event. Continue reading “Changes to PSC Information Filing Requirements”

Electronic Verification of Customers

Posted on April 12, 2017 by Steve O'neill

With the advent of the Money Laundering Regulations 2017 just around the corner, getting your policies and procedures ship shape and compliant with the new Regulations can be time consuming especially in the light of Regulation 18(4) which states ‘A relevant person must keep an up-to-date written record of all steps it has taken’ which means your procedures may be asked for by your Supervisory body.

At the heart of the Regulations has always been knowing who you deal with and as such the verification of the client and any beneficial owners are paramount. The new JMLSG guidance in 5.3.14 makes it clear on the verification of not just the customer but also any beneficial owners.

Verification methods have noticeably shifted away from ‘so called identity documents’ to electronic verification, which can offer a much more reliable range of verification data without meeting the customer or beneficial owner face to face.

The range of verification SmartSearches we offer as an agent of Smart Credit are one of the most advanced and reliable offered in the UK covering individuals and company compliance issues.

Please contact us to see how we can help you with your verification of customers on a non-contractual basis.

Seminar Invitation: Anti Money Laundering Update

Posted on April 5, 2017April 5, 2017 by Steve O'neill

The next in the Lifecycle national series of FREE training courses is taking place at a venue near you in May 2017.

This series of free seminars is taking place across the UK in May and sees Steve O’Neill, from our partner BTC, present his thoughts on the impact of the new legislation within the Money Laundering Regulations 2017 which are due to come into force later this year.

In his sessions, he will provide an overview of some of the more recent developments that will take place with the introduction of the new legislation that is due to come into effect on 26 June 2017. Continue reading “Seminar Invitation: Anti Money Laundering Update”

Tax advisers to send warning letters on taxing offshore assets

Posted on October 5, 2016October 5, 2016 by Steve O'neill

Offshore Assets

HMRC has published guidance on a letter which tax advisers and financial institutions may need to send to clients who have income or assets overseas, explaining its wider powers to exchange tax information with other jurisdictions and urging anyone who is in doubt about their offshore tax position to seek advice

Accountants and tax advisers should also have regard for companies they act for that have an offshore or overseas shareholding, especially from recognised tax havens such as BVI or the Channel Islands. Advisers should be aware that this type of company may not have been declared to them. This again will extend to clients who may own overseas properties through overseas companies. Continue reading “Tax advisers to send warning letters on taxing offshore assets”

People of Significant Control (PSC) Update

Posted on June 23, 2016June 23, 2016 by Steve O'neill

Incorporation Order Form

PSC’s must be provided upon Incorporation by the company, unless they have reason to believe that they don’t have any PSC’s, which will be rare.

The order form been modified to cater for these changes with the inclusion of: ‘Legal Person’, PSC Officer role and Nature of Control questions. The software suppliers have sought legal advice to ensure that the system complies with the new legislation but we understand that this may not necessarily result in the most practical of a user interface, they have already taken steps to improve the user experience and there will be further updates to the order form throughout July and August.

• You can now preview the form here: http://uat.order.efiling.co.uk/buy/standard/ Continue reading “People of Significant Control (PSC) Update”

Money Laundering Supervison

Posted on November 24, 2015 by Steve O'neill

Steve O’Neill reviews the latest statement concerning Money Laundering Supervision

The UK’s supervisory approach to compliance of obliged entities to the Money Laundering Regulations were branded “woefully inadequate” and are failing to block “corrupt money” and terrorist funds, an anti-corruption body has warned.

This statement was made by Transparency International UK who went on to say billions of pounds of “dirty cash” is entering Britain every year. They state that this is partly due to a fragmented network of regulators means that only a very small amount is being investigated.

Click to read more

Fourth Anti-Money Laundering Directive

Posted on October 16, 2015October 16, 2015 by Steve O'neill

Fourth Anti-Money Laundering Directive

Over the coming weeks I will be posting a number of articles concerning the Fourth Anti-Money Laundering Directive (4th AMLD) which came into force on 26 June 2015. The United Kingdom and all other EU Member States have 2 years within which to enact its content domestically.

The UK has already started to implement some of the requirements through the roll out of the Small Business, Enterprise and Employment Act, which has now implemented two of its five roll outs.

In this first article I look at the new terminology being used for regulated business, financial thresholds and lawyers’ client accounts. These all may have an impact of the accounting professional, for example, many clients of accountants may be high value dealers or potential high value dealers who need informing of the new thresholds.

To read the article click on this link.

Category: AML Compliance