AML for accounting offices
in order to maintain good partnership relations, we are sharing information regarding additional obligations that we are required to follow due to the Anti-Money Laundering and Counter-Terrorist Financing Act. The main purpose of AML (Anti-Money Laundering) is to secure the global financial system from being used for illegal purposes.
Starting with July 31, 2021, accounting offices will also join the list of entities that are obliged to monitor the transparency of business operations.
What does this mean? It means that we will have to verify that JWW clients act transparently and look more closely at some activities as such as:
- setting up entities with a complex organisational structure and a source of funding that is difficult to determine,
- bank accounts management and opening of accounts with unknown or unclear purpose, including the use of virtual currencies,
- evading taxes and other public contributions,
- concealing the source of money or other property,
- making questionable donations, grants or financial gifts.
In the event of such irregularities being suspected, we are obliged to ask questions and obtain additional information. These may relate, for example, to the nature of the business relationship, the beneficial owner, the circumstances of the transaction or the source of the assets. Failure to comply with AML obligations is subject to a fine of up to EUR 1,000,000.
As an accounting office, we are required to keep the documents used for risk assessment for a period of 5 years. This period is calculated from the first day of the year following the year of the analyses.
We hope that our cooperation following the AML procedure will be effective. We also hope that any additional questions that we may ask will meet with your positive understanding.
Should you have any doubts, please contact us directly at: [email protected]
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