First Previous - Page 1 of 1 - Next Last

AML for a one time Consultation Client

  • Member PM.Dip
  • Practice Licence
  • 6 posts
  • # 117987

Hi,  I did a consultation and written report for a one time client that just wanted me to look at her record keeping to make sure what she was doing was correct and how she could improve it as her business grows (she is a sole trader mobile beautician) and we also discussed what expenses could be claimed on her SATR.  Should i have done the AML due-diligence for this client or is it more for clients that i engage with on a regular basis and actually work on their accounts.

Another example would be if i do freelance / contract work for an Accountant, they are technially my client as i will invoice them... I assume i will need to do the AML due-diligence then.

 

Many thanks in advance

 

Claire

  • Member
  • Practice Licence
  • 42 posts
  • # 117996

Hi Claire,

 

I would say that due diligence was not necessary on your one-off consultation as you were not entering into a business relationship and I presume that the turnover was relatively small?

You will have to complete AML on the Accountants that you work with but they should know this already.

I would be interested to hear the opinion of others but when I had a query on AML (the form is very black and white) I phoned the ICB for advice. It took them a few days to get back to me but they were very helpful in clarifying my 'grey' area.

  • Member PM.Dip
  • Practice Licence
  • 6 posts
  • # 117998

Janet D said:

Hi Claire,

 

I would say that due diligence was not necessary on your one-off consultation as you were not entering into a business relationship and I presume that the turnover was relatively small?

You will have to complete AML on the Accountants that you work with but they should know this already.

I would be interested to hear the opinion of others but when I had a query on AML (the form is very black and white) I phoned the ICB for advice. It took them a few days to get back to me but they were very helpful in clarifying my 'grey' area.


 Thank you for getting back to me Janet.  Yes, a small turnover for the Sole Trader.

First Previous - Page 1 of 1 - Next Last
loading