Please note that we do have to Money Lauder all our clients every 3 years in order to keep in line with the latest legislation. Please do not get offended if we are asking you for the same information again and again, I appreciate you may still have the same passport and you may not have moved home, but as we are registered agents with HMRC we have to abide with their rules. Your co-operation is appreciated.
|5th AML Directive Preview|
Electronic verification is the best way to identify customers. And that’s official. The 5th AML Directive has now been published and will become law in the UK in early 2020.
The Directive asks that data driven checks are used wherever possible and many governing bodies across Accountancy, Legal and Property sectors are encouraging that move ahead of its implementation into UK law.
Also, under the 4th directive the EU considered non face-to-face business as potentially high risk. The 5th directive states that this is no longer the case where robust electronic AML checks are used.