The Anti-Money Laundering Process

Posted on 8th July 2024
By Yasmin Ali, Compliance Co-ordinator at Beeston-Clarke Accountants

Joining Beeston-Clarke Accountants opened my eyes to a talent I never knew I had - the ability to refine and perfect processes! One process that demands precision above all else is our Anti-Money Laundering (AML) system. Here at Beeston-Clarke Accountants, we don't take regulatory compliance lightly. It's not just a box to tick - it's a commitment to safeguarding your finances.

That's why we ensure strict adherence to The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 and its subsequent amendments. For us, it's about going above and beyond to protect our clients.

When it comes to onboarding new clients, thoroughness is key. We have to make sure we have verified their identity sufficiently before we can embark on any work. For charities, this means that we gather the relevant proof of identification and proof of address documents for every Trustee. As a firm, we also conduct an external Anti-Money Laundering check of the Chair of Trustees, CEO and Treasurer as part of our due diligence process (using a verification service called Xama).

But our due diligence doesn't end there. We are also required to ask each Trustee pertinent questions such as whether they hold a government position (a PEP) or have connections with such a person. Our aim is simple: to ensure that every individual associated with our clients have all the required information available.

But our commitment to your financial security doesn't stop once the paperwork is done. We understand that information can quickly become outdated, which is why we undertake regular reviews of Trustee data. By revisiting their documentation annually, we ensure that it remains accurate and up to date. If documents are expired, then we will request current ones. If Trustees change during the year, we ask our clients to inform us of those that have left, and when new ones arrive, we again will request the ID information to make sure that we are fully compliant with the AML regulations.

At Beeston-Clarke Accountants, safeguarding your financial peace of mind is our utmost priority. With our meticulous AML processes, we strive to earn your trust and confidence every step of the way.