As bookkeepers, we carry out anti-money laundering checks to all new clients that we provide support to ensuring our clients are not attempting to launder money through their business.
An anti-money laundering check is a vital component of ensuring our clients are not attempting to launder money through their business. Anti-money laundering refers to a set of laws, regulations and procedures to prevent people from disguising illegally obtained funds as legitimate income.
We conduct anti-money laundering checks for two main reasons:
- To protect your business from involvement in criminal activity. Screening your customers will help to minimise risks and ensure your company has no involvement in criminal activity.
- To ensure your business is compliant with the legislation and regulations relating to anti-money laundering. These checks are vital to ensure you avoid fines and other legal ramifications.
Why anti-money laundering checks should be conducted.
Anti-money laundering checks should be conducted by any company where there is potential for employees and/or customers to pass finances or assets off as legitimate transactions.
As Cloud Bookkeeping Warwick provide bookkeeping, accounting, tax advice and payroll to our clients, we are registered with the Institute of Certified Bookkeepers for Money Laundering Regulations.
We assess clients and customers’ backgrounds to determine the client’s identity and thus the risk posed to doing business with them. Typically, this is done by accepting forms of identification, including passports, driving licences, ID cards and a document highlighting their residential address. By identifying our clients and customers’ true identity, we can make informed judgements about whether our customers comply with existing AML regulations.
If you have any questions around the Anti-Money Laundering Checks we carry out then please get in touch.