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UK-registered companies beware - Bank accounts frozen!

Take action now if not AML registered, is your AML policy correct?

AIPP is aware of at least one member having their UK bank accounts preemptively frozen due to non-compliance with UK AML rules (Anti Money Laundering).

No crime or contravention of AML was committed but the lack of AML registration was enough to have our members bank accounts frozen. This caused a great deal of difficulty and time (with a big admin headache!) to resolve. You have been warned!

HMRC (who administer AML) are very active at the moment and pressuring banks to ensure that their clients comply with all AML rules.

HMRC have also made us aware of a big rise in the number of AML applications where the applicant has stated ‘No’ to having documented ‘Risk Assessment, Policies, Controls and Procedures’ (RA/PCP). Without these in place your AML registration will be rejected and you risk having your bank accounts preemptively frozen.

THIS LINK TAKES YOU DIRECTLY TO THE HMRC WEBSITE
TO REGISTER FOR UK AML

 

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