How do the Anti Money Laundering Regulations affect SFS and their clients?

The regulations clearly state that the they apply to persons acting in the course of business within the UK for the following areas-

1) credit institutions
2) financial institutions
3) auditors, insolvency practitioners, external accountants and tax advisers
4) independent legal professionals
5) trust or company service providers
6) estate agents
7) high value dealers
8) casinos

This directly affects SFS as a "trust or company service provider” refers to a firm or sole practitioner who by way of business provides any of the following services to other persons—

(a) forming companies or other legal persons;
(b) acting, or arranging for another person to act—

(i) as a director or secretary of a company;
(ii) as a partner of a partnership; or
(iii) in a similar position in relation to other legal persons;

(c) providing a registered office, business address, correspondence or administrative address or other related services for a company, partnership or any other legal person or arrangement;
(d) acting, or arranging for another person to act, as—

(i) a trustee of an express trust or similar legal arrangement; or
(ii) a nominee shareholder for a person other than a company whose securities are listed on a regulated market

As you can see SFS provide the above highlighted services. Therefore it is essential that SFS work within the new regulations.

Return to Anti Money Laundering Regulations 2007

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