Anti Money Laundering Compliance
Anti Money Laundering requirements
As R&D tax advisors, we are required to comply with the Professional Conduct in Relation to Taxation (PCRT) guidance, which means we must adhere to all legal requirements, including Anti-Money laundering (AML) compliance.
AML refers to laws, regulations and procedures aimed at uncovering efforts to disguise illicit funds as legitimate income. We must perform
Customer Due Diligence (CDD) on our clients and connected parties in accordance with these requirements. This verification procedure is crucial in assisting using complying with AML requirements.
As a business we use FirstAML, a verification and work flow management application, to conduct these checks in accordance with the legislation.
AML refers to laws, regulations and procedures aimed at uncovering efforts to disguise illicit funds as legitimate income. We must perform
Customer Due Diligence (CDD) on our clients and connected parties in accordance with these requirements. This verification procedure is crucial in assisting using complying with AML requirements.
As a business we use FirstAML, a verification and work flow management application, to conduct these checks in accordance with the legislation.
Introduction to AML
The FirstAML process will be explained to you, during your initial discussions with our sales team ahead of you signing your contract with us. Please note that your contract contains a clause stating that in order for Kene Partners to be able to process your claim you will be required to supply any necessary information, such as AML documentation.
FirstAML Process and Client Requirements
Once your contract is signed, you will receive an email from FirstAML containing a link to an electronic verification form.
You will be asked to provide information to confirm your :
You will be asked to provide information to confirm your :
- Name
- Date of birth
- Address
This will include providing a copy of your passport, driving licence, or national ID card, as well as providing biometric verification of this ID. You will also need to provide a document proving your address, such as a utility bill, bank statement, or council tax bill.
In rare instances, more documents such as proof of source of funds or wealth may be required. However, in an instance such as this, you will be notified and the reason for this additional requirement will be outlined to you.
Directors, shareholders, trustees, and other non-discretionary beneficiaries may also be required to provide information in the case of companies and trusts. The trust deed will need to be submitted if a trust is involved in the transaction.
Please note, the information required from a client varies depending on the risk rating that your company scored when the team carried out a risk assessment of the company the questions involved are not personal; rather, they are based on what HMRC deems to be the main risk factors, such as claim size, location, and industry.
In rare instances, more documents such as proof of source of funds or wealth may be required. However, in an instance such as this, you will be notified and the reason for this additional requirement will be outlined to you.
Directors, shareholders, trustees, and other non-discretionary beneficiaries may also be required to provide information in the case of companies and trusts. The trust deed will need to be submitted if a trust is involved in the transaction.
Please note, the information required from a client varies depending on the risk rating that your company scored when the team carried out a risk assessment of the company the questions involved are not personal; rather, they are based on what HMRC deems to be the main risk factors, such as claim size, location, and industry.
Next Steps
Upon receipt of these documents, First AML will take the following actions:
- Run a Sanctions and Adverse Media check on the company
- Conduct a background check on the client, checking for PEPs, Sanctions and Adverse Media
How will the documents you give to Kene Partners be handled ?
We will ensure that this data is securely stored for a maximum of six years – the maximum period of time HMRC deems records should be kept – and then securely erased.
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