Important Service Update  We are required to inform you of this service upgrade.  The Smart Search platform upgrade is coming soon! In response to feedback, and as part of their commitment to continuous improvement, SmartSearch is pleased to announce that we will shortly be upgrading your platform. Built using the latest technology, the upgraded platform will ensure SmartSearch will remain at the forefront of the industry with exciting new features, whilst keeping the core functionality the same.  Benefits  A new modern and seamless look  New features to improve usabi ..read more

HMRC has confirmed it is investigating 153 suspected ‘enablers of tax evasion’, including both regulated and unregulated tax advisers. Cracking down on ‘enablers of tax evasion’ has been a key area of focus for HMRC since it established its Fraud Investigation Service in 2015. The HMRC’s Fraud Investigation Service has been given additional resources in various budgets to recruit more staff and, as a result, the number of investigations into tax fraud enablers is increasing in line with Government’s plan to prosecute many hundreds of enablers. The definition of ‘enablers’ of tax evasion is wid ..read more

This is the first of a number of posts, looking at the implications EU’s Fourth Anti-Money Laundering Directive on the UK’s Regulated Sector Obliged Entities This is the logical place to start for a business within the scope of the Regulated Sector of the UK Money Laundering Regime, ‘Obliged Entities’ is a new term being used to describe you, whether you are natural person, (that is an individual) or operate within a partnership or a company structure or any other type of legal person including trusts.  This term ‘obliged entities’ is introduced to describe those businesses to whom the di ..read more

AML Compliance latest news: European Union Blacklist MEPs have called for a tightening of the rules on which countries are added or removed from the European Union blacklist and indicated that UK overseas territories such as the Cayman Islands, Bahamas, Jersey and Guernsey are among those which should be added to an EU tax havens blacklist after the conclusion of the Brexit deal, saying that Britain’s overseas territories should now be screened for potential inclusion on the list, and that the Brexit deal was based on “mutual values and geared towards common prosperity, which automatically exc ..read more

HMRC issue fines for Money Laundering Regulations breaches Obliged firms play a vital role in the financial systems of the UK’s economy. They facilitate transactions of significant importance daily. However, that also exposes them to being used for illegal purposes. Therefore, they must always act with integrity and abide by the rules. One of the regulations that they must pay special attention to is the Anti-Money Laundering Regulations. For professional firms that provide defined services, the regulations require their anti-money laundering systems and controls meet the UK’s anti-money laund ..read more

New Service – Customer Verification Biometric Facial Recognition Under COVID-19 social distancing rules, many prospective clients are no longer able to present their documents in person, while sending them through the post brings a whole new set of issues. With continuing restrictions on personal in place to stop the spread of coronavirus means firms that rely on paper-based ID checks are facing huge business disruption. Not only is it now almost impossible to get to a post office under the new rules, but sending physical documents also risks contamination. And with so many people now working ..read more

Policies and Procedures Templates for the Money Laundering Regulations 2017 A complete set of templates which aids in the requirements in the Regulations for risk sensitive policies, controls and procedures which are able to demonstrate to a supervisor your firm’s specific policies, controls & procedures for AML. It includes: • Templates covering The firms’ Policy Statement, • Templates for the ‘Risk Register’ that is Risk Assessment & Risk Management controls and Procedures • Templates for Policy and management procedures for reporting both internally and to S ..read more

SmartSearch is Ready for the 2017 Anti-Money Laundering regulations The unique SmartSearch Anti Money Laundering verification platform is enabling regulated businesses to comply with the latest 2017 Anti Money Laundering (AML) Regulations and fulfil their AML, Customer Due Diligence (CDD) and Know Your Customer (KYC) compliance obligations.   With no requirement for clients to provide identity documents, the SmartSearch is much more convenient and cost effective for both your firm and your clients.   The unique platform brings together both Individual and Business searches for the UK ..read more

Offshore Assets HMRC has published guidance on a letter which tax advisers and financial institutions may need to send to clients who have income or assets overseas, explaining its wider powers to exchange tax information with other jurisdictions and urging anyone who is in doubt about their offshore tax position to seek advice Accountants and tax advisers should also have regard for companies they act for that have an offshore or overseas shareholding, especially from recognised tax havens such as BVI or the Channel Islands. Advisers should be aware that this type of company may not have been ..read more

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