Moneylaundering checks

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GPT33
GPT33 Registered Posts: 4 New contributor 🐸
in General accounting discussion
Anyone outsource their moneylaundering checks? I know the ACCA offer it to their members - I'm looking at AMLCC www.amlcc.co.uk at £5 per pop. Does/could/should the AAT offer it as part of the MIP subs?

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  • deanshepherd
    deanshepherd Registered Posts: 1,809 Beyond epic contributor 🧙‍♂️
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    I'm not sure why the AAT should offer it to members, not really within their remit.

    I would be interested to know about the ACCA service though. Couldn't find anything on t'internet. Do you have any details?
  • Rachel
    Rachel Registered Posts: 348 Dedicated contributor 🦉
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    The only thing I can find on the ACCA site is 15% off at backgroundchecking.com but more expensive than £5 a pop
  • GPT33
    GPT33 Registered Posts: 4 New contributor 🐸
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    Money Laundering

    ACCA via ICAEW at http://www.icaew.com/index.cfm/route/168224/icaew_ga/en/Members/Products_and_services/Anti_Money_Laundering/C6_Pay_As_You_Go_secure_website.

    As AAT is our supervisor for moneylaundering compliance I thought it would be a useful add-on for MiPs, and they could get a discount for bulk which we individually have no chance.
  • burg
    burg Registered, Moderator Posts: 1,441 mod
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    Well that ICAEW rather than ACCA so that will be why we couldn't find it.

    I generally use free methods such as passport, driving licence etc. I am signed up with Veriphy but have yet to use it.
    Regards,

    Burg
  • Rachel
    Rachel Registered Posts: 348 Dedicated contributor 🦉
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    I couldn't find anywhere on the link that said ACCA members could use it. Is there confusion with ACA or am I not looking in the right place.

    I also use driving licence, passport etc but thought if I am entitled to something for free as suggested . . .
  • deanshepherd
    deanshepherd Registered Posts: 1,809 Beyond epic contributor 🧙‍♂️
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    Also, that link does not look like the ICAEW 'offering it to their members' it is just a link to an external provider.

    Maybe AAT Additions could negotiate a group discount for us but I rarely use it so 10% saved on a fiver is no great shakes..
  • BIG WAL
    BIG WAL Registered Posts: 133 Dedicated contributor 🦉
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    In view of various things recently read about this subject, I have become concerned about not doing proper checks lately.

    So having just tried Verify which was mentioned by burg, it is a really easy process. Much quicker often than trying to get people to provide their passport, which I gather is no longer sufficient anyway. It is competitively priced at £4 a shot plus VAT and much less hassle. I got an immediate report which was printed out for the client's file.

    No doubt at license renewal time, the form will include a statement about compliance with MLR and ID checks, so I will be able cover myself accordingly.
  • Monsoon
    Monsoon Registered Posts: 4,071 Beyond epic contributor 🧙‍♂️
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    We have used both AML Search and the Business Tax Centre. Also looking at Legatio KYC which is cheaper but you have to bulk-purchase.

    We use electronic checks for clients we work remotely for, in conjunction with copies of photo/utility ID. We only take the latter for people we actually meet.

    MLR is done on a risk-sensitive basis and our practice has decided that this fulfils the criteria.

    No, I don't feel the AAT need offer this; there are enough products on the market competitively priced.

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