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DIFFERENT ANGLE by Kenneth Rijock
DIFFERENT ANGLE by Kenneth Rijock
Financial Crime Consultant, for World-Check
Do your trust and company service clients have AML programmes?
26 November 2007
With 15 December knocking hard upon the door, UK financial institutions whose clients number trust and company service providers would be well advised to query their clients in this industry to confirm that they have established the newly-required CIP/AML policies and procedures. Not sure exactly what specific businesses in this field need AML? Look below for some helpful hints.
Some of the businesses that are included on the list are on the fringe of the financial community:
For further information:
HM Revenue & Customs; Trust or Company Service Providers
http://www.hmrc.gov.uk/mlr/tcs.htm
- Company Formation agents,
- People who serve as Trustees, Registered Agents, or nominee shareholders.
- Suppliers of accommodation or convenience addresses.
- Recruitment agencies, involved in arranging for individuals to act as either an interim or permanent director, shadow director or company secretary or partner of a partnership.
- Telephone answering services for businesses other than sole proprietorships.
- People acting or arranging to act for others as professional trustees, including preparers or scriveners of wills, and family offices.
- Carrying out customer identification procedures on clients.
- Identify money laundering risk posed by a customer.
- Report suspicious activity to SOCA.
For further information:
HM Revenue & Customs; Trust or Company Service Providers
http://www.hmrc.gov.uk/mlr/tcs.htm
The facts and opinions stated in this article are those of the author and not those of World-Check. World-Check does not warrant the accuracy of any facts and opinions stated in this article, does not endorse them, and accepts no responsibility for them.
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