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[18.09.2018]

Money Laundering: Protect your business and stop the criminals

All businesses and business owners have a role to play in reducing the impact of money laundering on the UK and the global economy. Professionals such as Accountants and Solicitors and organisations such as banks and building societies have strict guidelines setting out procedures they should undertake but HMRC expect many others to play a role too.

Chartered Accountants and other professionals are expected to be able to identify potential money laundering situations and are required to report suspicious activity to the relevant authorities. We are regularly reminded of this responsibility by our professional body. It’s all part of ensuring that businesses and organisations observe the highest standards and conduct their affairs under the proper legal framework. All businesses, however, can play a part in helping to detect and prevent money laundering which will help protect your business and theirs.

What is money laundering?

The UK Government describe money laundering as “exchanging money or assets that were obtained criminally for money or assets that are ‘clean’. Money laundering also includes money that’s used to fund terrorism”.

Preventing Money Laundering in business

There are a number of steps your business can take to help prevent money laundering, and protect your business from falling victim.

  • Consider the risks of money laundering that may impact on your business.
  • Devise a clear anti-money laundering policy and procedures.
  • Carry out client due diligence – ensure you know your customer and make thorough checks on identity.
  • Ask questions to enable you to understand the customer’s business, the purpose of the transaction and the nature of the transaction. If anything seems ‘off’ investigate further or decline the work.
  • If there is a significant change in your customer’s circumstances or requirements consider whether it seems reasonable based on your knowledge of the customer or ask questions to establish the reasons.
  • Keep up to date with the latest anti-money laundering information and examples of money laundering schemes.

Business Advice with DNG

Here at DNG Dove Naish we aim to be your trusted business advisor, and support you and your business. As Chartered Accountants we have experience with anti-money laundering policies as we are required to develop and put into practice stringent policies in our own firm, and keep on top of the latest news and legislation. The UK Government’s website provides information and guidance on anti-money laundering. Contact us today to see how we can support you and your business and help minimise the risk of money laundering activities impacting on your business.

Andrew Picker

 

 

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