Help with money laundering

System
System Posts: 100,534 🤖 Admin 🤖
edited 12:08PM in AAT member discussion
I am just about to takeover a small accountancy practice and need to install a money laundering process. Has anyone any tried and tested methods?

Would appreciate any advice which will save time

Many thanks
Louise Munro

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Help with money laundering

    Hi Louise.

    You need to appoint a Money Laundering Officer to take responsibility for reporting any dubious activity. You need to adopt a reporting policy, e.g. all transactions over a certain amount be reported to your M.L.O. Make sure you communicate the policy to all members of staff.

    And remember - ignorance is no defence!!

    Scott.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Help with money laundering

    Hi Louise

    This website has a good (but long) report on money laundering.

    You need to check that the practice you are taking over has already "laundered" new clients since 1 March 2004 (I think!)

    What I do is take a photocopy of their driving licence and a utility bill - d/l identifies them by face and utility bill by address. I then send the letter of engagement to that address to verify that they do actually live there.

    The only thing that I do is check that the value of deposits into their bank is in proportion to their business - ie a business with a t/o of say £10K pa would be unlikely to bank anything in excess of £1K per month - £5K in one go would warrant a query - it could probably be something as simple as a large client hadn't paid for a long time - the accounts will help with this.

    I hate having to launder clients - somehow it makes me think that I have to presume them guilty until proved innocent - but one of the (many) crosses we have to bear!

    Hope this helps a bit - sorry quite long winded.

    Claudia
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Help with money laundering

    If I "help you with money laundering" what's my cut?






    :lol::lol::lol:



    It's been a hot day, ok! :)

    Regards

    Dean
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Help with money laundering

    Are you implying that I have any money to launder :lol:

    In my dreams :wink:

    Claudia
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Help with money laundering

    You can borrow some of mine if you wish...

    I have a set ladder to get into bed now because of all the cash under it :lol:

    Err, i'm off for a cold shower as all this heat has obviously gone to my head. :D

    Regards

    Dean
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Help with money laundering

    Any that you have to spare Dean would be most appreciated - tax due next week and too many debtors :evil:

    Hope the shower didnt make your money disappear :lol:

    Claudia
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Help with money laundering

    Hmmm, that feels fresher... but your right, its all gone but I could raid the penny jar? :D

    Regards

    Dean
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Help with money laundering

    Ah but I would have to launder you before I could accept cash - would prefer a cheque please :wink:

    Claudia

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