Am looking for some feedback and views on how you tackle MLR with new clients
Overall i find that most clients have no issue ... but i do get a few and in particular its those who really have no clue how book keeping works who instantly give me the defensive look or the and i wonder if i could approach the subject in a better way!!!!
As this is a subject that needs to be addressed and actioned before work commences although these clients are usually ok in the end i do feel it may set things off on the wrong foot if you know what i mean
It feels such a hard think to bring up for those who dont understand that.... no we are not implying they are laundering money ...we are simply obligied to comply with the MLR rules and its something we HAVE to do !!!
How do you guys and girls approach it with clients???
I just say that we need a couple of pieces of id for money laundering purposes, but I always add something like 'it's a legal requirement, much like when you open a bank account'. I think adding that line sort of legitimises it to the client and they see it is as much a burdensome exercise for you as it is for them. Sometimes I add with a smile that I have to check that they're not gun running which normally elicits a laugh and all potential tension is broken.
I'm sure everyone has their own way but like you I found it a bit difficult at first because it is so formal and you are trying to be friendly and engaging.
Same here. I tel them I have to have copies of ID as it's a legal requirement and it's never been an issue. I try to make it sound like an afterthought rather than an upfront thing as I'm going through what I need.
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John
Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
If you want to avoid using the words money laundering you could refer to the procedures as either your standard compliance procedures or your know your customer (KYC) procedures.
I go in with the KYC angle and explain we have to do what the Banks do. Sometimes I make a joke that we need so much personal info that it also includes inside leg measurements - depends on the audience though!
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
