As part of your client due diligence, the TaxCalc AML Identity Checking Service provides you with the means to undertake personal searches and verify your client's identity before your act for them.
The TaxCalc Solution to AML compliance
A wide sector of businesses throughout the UK now have to abide by the complex Money Laundering Regulations 2007 or face penalties ranging from £1,000 fines to imprisonment of up to five years. If you operate within the relevant sectors, you have a legal obligation to keep relevant anti-money laundering records.
TaxCalc Anti-Money Laundering solutions put you firmly in control of your legal obligations.
Money Laundering Regulations
One key area of the Money Laundering Regulations 2007, is your obligation to undertake Client Due Diligence on both new and existing clients. HMRC and CCAB guidance recommends that you do this annually to ensure that you are up to date with changes to your existing clients' circumstances.
TaxCalc has partnered with Equifax, a global leader in information solutions, to deliver the information you need to be compliant. You can undertake personal searches and verify online your clients' identity and address and check for any negative alerts.
Search & Verify Report
Your Search & Verify Report will show a Pass or Refer result with detailed explanations of the data sources checked and the results of those personal checks.
The reports also check negative data sources, and will draw to your attention any alerts from the Equifax database that you need to consider.
If the check returns a Refer, there are action points to give you guidance as to further enhanced due diligence that you may wish to consider.
Most firms are required to process their clients' data in accordance with the Data Protection Act 1998. You will need to enter your Data Protection Registration Number when registering to use TaxCalc's Search & Verify service.
Before you can begin your online searches you need to be Data Protection registered and have your DP number to hand in order to complete the registration form. This must be the actual DP number and not the temporary one. A legitimate DP number will always begin with Z. If your number starts with a P, this will not be accepted by Equifax as this is a provisional or pending number.
To register with the Information Commissioner (usually a fee of £35), click the 'register' button.
Accountants, or any of the professionals listed above (who are not regulated by an approved professional body), are now regulated by HMRC and should have registered by completing an MLR100 registration form.
To register with HMRC, click the 'register' button.