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The Book-keepers Forum (UK) -> Professional Book-keepers in Practice -> Subcontracting payroll work from an Accountant - Money Laundering Regulations
Post Info TOPIC: Subcontracting payroll work from an Accountant - Money Laundering Regulations
Peasie


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Subcontracting payroll work from an Accountant - Money Laundering Regulations
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I may be sub contracting some payroll work from a "Chartered Certified Accountant" - what are the procedures as regards Money Laundering Regulations. I assume they will have carried out their own risk assessment etc on the client. Do I just need to get a letter stating this? Would in need to get a seperate letter for each sub-contracted client? Just what is the procedure?



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Amanda


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Who's paying you? If its the accountant then I would say you would need their ID, not the client?

This is just my take on it. As the accountant is your client.

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Peasie


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But I'm not actually doing any work as regards their business. I will not see any of their own transactions.

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Paul


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You can rely on the accountancy firm checks, but it's at your risk.

This was covered on AW a few months ago - http://www.accountingweb.co.uk/anyanswers/question/kyc-anti-money-laundering-wrt-outsourcing

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Stardoe


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Hi Peasie,

I do some sub-contract work for a firm of accountants (mainly analysis and reconciliation work) and I have a letter from them saying that I can rely on their client due diligence and risk assessments. One thing I'm not sure of though was whether I needed to do due diligence on the accountants themselves.

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