I am just completing the money laundering procedures for my first client. I have completed the due dilligence checks and obtained the required i.d and address verification. After reading the ICB website, just to ensure thatI have done what I need to, I noticed that I am required to keep a record of client transactions for 6 years. I complete the work at the companies premises and therefore do not bring any records home regarding the transactions they make. Am I misunderstanding what it means by client transactions? Sorry if this may be obvious, but I know how important complying with money laundering procedures is and want to get it right.
Not being a member of the ICB I don't know much about their regulations.
What I do know is that all companies must keep records of their financial transactions for the last 6 financial years. It is not you as a book-keeper who needs to keep these it is the responsibility of the customer.
Perhaps what the ICB refers to in relation to MLR is that you keep your records of your actions for the 6 years.
-- Edited by semsley on Friday 12th of February 2010 08:14:06 PM
I have just looked at the ICB website again and I think I have misread it. I get the impression now, that I have to keep records of the transactions I make personally with the client and not the records of the client's business transactions.
