Money Laundering

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT member discussion
Hi

I had a phone call from a sales person at Lexisnexis today trying to sell me some software to enable compliance with money laundering regulations due to become effective and affecting AAT MIP,s on the 15th December.

Am I doing things wrong and bearing in mind that I am a one person band and if someone offered me e15,000 for a transaction I would be VERY HAPPY?

At present all of my new clients get a letter of engagement per the MIP one and I obtain a photocopy of ID, usually a passport. I post out the letter of engagement to their home address and only start work when it is signed and returned. Anything wrong with what I do, should I be doing more :?:

Comments most welcome

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Money Laundering

    I had a similar call, but from a different company, basically offering me money laundering courses. I was busy and just asked them to put the information in the post - never received anything. Am I right to think as long as we follow AAT guidelines we are OK?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Money Laundering

    I am unclear about this as the info on the AAT website is several years old.Do we have protection following these AAT guidelines? I dont know and throw the question out generally to MIP and any one reading this from the AAT.

    I know that I signed the EGM voting slip regarding my agreement to change the M&A's today on this subject and the AAT's status. But, I have to admit that I am really unsure abour this area. I should have gone on one of the CPD courses but have been really busy with work and exams and time just seams to have flown past. Perhaps a course on this should to be one of my CPD objectives under the new scheme.

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Money Laundering

    If you attend the EGM then there is a free seminar afterwards covering the new ML regulations and what is now required in terms of practice and procedure.

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Money Laundering

    I went to an AAT MLR mastercourse last week.

    The speaker mentioned that AAT expect the new guidelines to be issued in Novemeber, but no mention of a specific date - I hope the guidelines will be available to all members following the EGM on 6th December.

    Also mentioned, was that we are no longer allowed take photocopies of passports.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Money Laundering

    The draft regulations were published in July and can be downloaded here:

    http://www.hm-treasury.gov.uk/consultations_and_legislation/money_laundering_directive/consult_thirdmoney_2007.cfm

    Hope that helps

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