Which AML checks does your client need?
Start with the client and the service your practice will provide. An individual or sole trader and a limited company involve different checks.
For a sole trader, the person is the client. For a company, identify the relevant representatives and beneficial owners as well as the company itself. AMLCode is designed to bring these checks into one client case.
Review client checks and evidence together.
One colleague may invite the client while another reviews the evidence. A connected report gives the reviewer a clearer starting point than a collection of attachments and separate screening results.
Before completing your client review, make sure someone is responsible for following up any unresolved questions. A completed upload is a useful milestone, but it is different from an accepted client.
Check which supervision applies to your practice.
HMRC’s accountancy service provider guidance includes accountancy, bookkeeping and tax services, with supervision and exemptions depending on the circumstances. A practice may be supervised by HMRC or a relevant professional body.
Use the guidance that applies to your actual services and supervisory arrangement when setting your onboarding policy.
HMRC: accountancy service provider supervisionIs AMLCode only intended for large accountancy practices?
No. The focus is small and medium-sized firms that want a consistent client-check journey, whether one person handles onboarding or several colleagues share the work.