AML Explained

1. What is AML?

1. AML can be explained, in short, as Anti-Laundering Money Regulation.(ARD)

1. Everyone in finance is subject to the obligation of adhering to the AML.

1. Customers, individuals and organisations go through rigorous checks confirming their identity or, better put, the identity of the money they pay to their accounts.

1. Establishing an individual’s identity, the company director, or a person with significant control over the company is the first step in AML.

1. This process aims to eliminate dealings with funds obtained by criminals in illegal activities.

1. For this reason, banks and other financial institutions, including accountants and bookkeepers, ask for proof of ID and a recent utility bill with a person’s address when they set up a bank account or start working with them professionally.

1. Additionally each year, under due diligence, accountants and bookkeepers must verify their clients and company background to comply with the regulations. They are subject to a series of questions determining the “risk assessment” outcome. ”

1. Organisations like ICBand ACA offer verification software to their Members in Practice who carry out their clients’ checks process and store results on the system.

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