Practitioners are required to take certain steps to comply with the money laundering regulations. They must:-
- Appoint a money laundering reporting officer to receive reports from colleagues and make reports to SOCA.
- Train principals and staff in the requirements of the legislation so they know how to check the identity of clients and can recognise and report money laundering
- Verify the identity of new clients and
- Establish internal procedures to detect and deter money laundering.
It must be remembered that the above provides only a very brief outline of some of the main legislative provisions and requirements.
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