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June 2018 - Money Laundering and GDPR - New regimes...

George Rosevear

Anti-Money Laundering Regulations (AMLR)

AMLR has been in place since 2007. In 2017 additional legislation came into force that added to the existing requirements. These are covered in the third paragraph. Already, we are required to have on record identification details of clients, which includes, sight of and a copy of, either a client's current passport, or photographic driving licence, or a form of identity that has a recent photograph. Should a client hold none of these, we need to take a photograph of the client for the records and secure the clients consent for such.

In addition, we will need one separate confirmation of current address that is no more than three (3) months old. Typically this can be a utility bill, local authority council tax bill, bank/building society/credit card statement, local authority rent card, or tenancy agreement. 

Agents are required to conduct an appropriate risk assessment of the client and any related persons or other legal entities and this can be used to ensure for the protection of all parties that any and all sources of income are known to the Agent.

From 2017 this may extend to credit searches through the regulated body the Anti-Money Laundering Compliance Company (AMLCC). Signing this letter of engagement confirms the client's consent to these procedures and the client's participation in them.

Data Protection: “Information Commissioner’s Office” (ICO) and “General Data Protection Regime” (GDPR).

Whilst the practice is registered under ICO to hold and use client’s personal data for accounting, taxation and related client work; there are now further requirements.

Recent legislation, that came into force from 25th May 2018 requires, not only that client's consent to the practice of holding/storing their personal data. In the normal course of an engagement, clients give specific consent to data being discussed with relevant third parties, like HMRC and linked Statutory Bodies and Companies House as and when the need arises.
Clients will be allocated a unique password to be used, if and when the need arises. Signing this letter of engagement confirms a clients consent to these procedures and your participation in them.

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