Money Laundering Regulations 2007
Some sectors are governed by the Money Laundering Regulations. It is a criminal offence for businesses in these sectors to fail to meet all compliance requirements for internal procedures, systems and documents and to fail to carry out due diligence checks into their customers.
What sectors are caught by the Money Laundering Regulations?
High Value Dealers
Auditors, Insolvency Practitioners, External Accountants
Trust or Company Service Providers
If you are caught by the regulations then you must comply with all obligations under the regulations or risk facing civil and criminal sanctions and/or unlimited fines. They are various obligations now placed on both you and your business, as summarised here. For assistance with meeting all your requirements please see our services pages or contact us by phone on 0844 561 6852 or by email for further assistance.
Anti Fraud Due Diligence Services
We can assist any business that is at risk from being exposed to fraudsters. The financial consequences can be dire and businesses have been ruined when successfully targeted. The only safeguard against fraud is to carry out due diligence checks into the businesses that you intend to deal with.
Missing Trader Intra Community (MTIC) Fraud
VAT fraud takes many forms, the types that are most often reported are acquisition fraud and carousel or missing trader inter community also known as MTIC fraud. Originally MTIC fraud was mainly concentrated in the mobile telephone and CPU industries. In recent years it has spread into many other industries including alcohol and soft drinks, clothing, jewellery, perfumes, medical supplies and electrical goods.
Innocent businesses can be, and regularly are, caught up in supply chains where MTIC fraud exists, and are therefore subjected to seemingly unfair sanctions, such as joint and several liability assessments by HM Revenue and Customs.
For services to assist with protecting yourself from receiving these sanctions please see here.
Corporate Identity Theft Protection
With the every increasing threat of identity theft in every form it has now become necessary for Companies to consider taking precautions to protect their Companies identity and reputation. With our Company Monitoring and Company Name Monitoring subscription services you can be sure that your Company’s structure and status are carefully monitored for you. If you would like further information on these services please see here or contact us by phone, on 0844 561 6852, or email for further assistance.
Other Services
We can assist all businesses in checking out prospective trading partners to assist you in preventing being targeted by fraudsters. We perform in depth checks and verification into businesses and personal identities, see here for more information on personal ID checks. If you don’t see the service you require here then please contact us on 0844 561 6852 and we’ll be happy to assist you.
