Since 2002 it has been possible for anyone in the world to go to a company formation agent’s website and form a company online, fully automatically, without a need to provide any additional information or identification. This resulted in an large increase in money laundering and fraud being carried out through Limited companies. This money could then used for terrorism, trafficking, and many other forms of crime.
The Anti Money Laundering Regulations 2002 tightened the net slightly, but there was much uncertainty as to whether these regulations affected Company Registration Agents or not. The new act for 2007 clarified this clearly, and these agents are definitely affected by the regulations. The ultimate result is that agents must verify the identity of every single client who they incorporate a company for, or have a financial transaction with.
For agents who incorporate large numbers of companies this could prove an administrative nightmare, but failure to comply has potentially extreme consequences.
We have considered this regulation and adapted our software solution to try to remove the administrative nightmare that this can cause, and instead make it a standard and simple to operate process.
We believe we are the only solution in the market that provides this specific type of solution for Company Registration Agent’s in the UK.
Can you really afford to not take this legislation seriously, and not have a compliant process you can demonstrate under audit?
In line with our continued development plan we are continually monitoring market trends and requirements, and will continue to develop this part of our system to ensure our clients continuously have the facility to remain compliant with the law.
If you have any concerns about whether your own website is inadvertently causing you to fall foul of the law, or would like to know more about our AML2007 compliant website solution just contact us through our Contact Us page or call 08008 620621 for more information.