UK AML BENEFICIAL OWNERS CHECKS ARE NOT CARRIED OUT

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.

https://www.accountingweb.co.uk/practice/general-practice/aml-beneficial-owners-checks-are-not-carried-out

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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