I have just secured a new client for whom I am going to be undertaking general bookkeeping services. They have an accountant who prepares the accounts at the end of each quarter - my job is merely to organise their paperwork before being sent to the accountant. Does anyone know if I need to undertake any checks on my client with regard to the money laundering regulations as I presume their accountants have already done this?
Never presume anything as far as MLR go, it's your head on the block. I understand if the accountant is a member of a professional body and they are happy to give you a letter saying you can rely on their MLR checks then you don't need to do your own.
All available guidance shows that you should undertake your anti-money laundering checks. There is some recent, more general guidance, that talks about reliance on a 3rd party but this likely to involve just about as much work. You would need the letter from the Accountant plus copies of the proof they hold.
However, at the end of the day, regulators will say you are responsible for ensuring your client's aren't involved in money laundering. So if something does go wrong it will fall at your feet.
