Briefing - Money Laundering Update

Please contact us to discuss any of the matters raised in this newsletter

Procedural changes

In your dealings with any business that is affected you may notice a few procedural changes. In common with banks and other financial institutions, accountants will continue to require evidence of the identity of any new clients. In many cases this could involve seeing and taking a copy of photographic identification such as a passport or new style driving licence. For those of you in business the identity of your organisation itself must be established, perhaps by confirming records at Companies House. The law requires these identification records to be maintained for five years after a client relationship has ended.

The new Regulations also require procedures to be applied to existing clients. Even if you have been a client of an affected business for a number of years you may be asked to provide evidence of your identity. Of course, the business may already have sufficient evidence of this through their previous dealings with you. Your usual contact will no doubt be in touch if any information is required.

You may also find that additional information is required about certain background aspects of your business. This might include questions about the ultimate ‘beneficial owners’ of your business if you are part of a group for example. A beneficial owner is an individual who ultimately owns or controls more than 25% of the shares or voting rights in the company. At times identity evidence may also be required. In the case of a trust further information about the beneficiaries may be requested.

This information is intended for guidance purposes only, and you should always seek professional advice before taking any action. Please contact us for further information relating specifically to your business.

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At Goldwyns, we have the policy of providing excellence in Service and Assistance to our clients, from partner level, down to the most junior of our staff, and we regard our team as our most important asset.
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We offer a comprehensive service to all types of businesses and individuals, and have the benefit of membership of the UK200 Group of Practising Accountants, enabling direct access to expertise in areas outside our normal work.

member of the UK200 Group of Practicing Accountants

Regulated to carry on audit work for a range of investment business activities by the Institute of Chartered Accountants in England and Wales