AML stands for Anti-Money Laundering. AML refers to a set of regulations implemented in order to prevent people from laundering their money through businesses. Laundering money is illegal as it conceals the origin of where the money has come from. This usually happens when money is obtained through illegal activities and therefore we must be due diligent when it comes to handling finances.

When dealing with finances on behalf of other companies like we do, we need to ensure that we are compliant with these regulations. We have to be authorised and regulated by a governing body in order to access your finances. We are regulated by AAT. In order to comply with these rules it’s essential that we ask you for proof of your identification. We need to have 2 forms on record. At least one needs to be photographic such as a passport or a driving licence and we also need proof of your home address, a recent utility bill or driving licence if you have already given a copy of your passport as your main identification.

We need this information for everyone who is a decision maker within the business. Anyone who has significant control needs to provide their details in order for us to work with your business. 

We then use this information to carry out an AML check. We use software to make sure you are not at high risk of laundering money. We have to repeat this process each year, so please don’t be worried when you ask you for further information, it’s just a formality.