Accountancy Daily on 11th March reported that accountants are still unaware of the 5th Money Laundering Directive changes which are set to come into force in early 2020, while a handful are still not carrying out the required due diligence.  Research conducted by identity verification providers Credas found that 10% of accountants admitted to not carrying out beneficial company ownership ID checks.  The required beneficial owners’ due diligence checks were included in 2017’s AML guidance.

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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