AML checks

[MrJuice]

My accountant's practice is regulated by the institute of financial accountants and he says they require him to do AML checks on all of his clients. His fee is £40

Is this necessary? And if so, is £40 reasonable and is this an annual check?



He says it is necessary. I don't know if it's a reasonable charge but he says he is paying some third party to do the check and charges admin on top. Not sure of breakdown. I'm yet to hear back whether this is an annual check.

What does PH think?

[MrJuice]

Thanks

What/who do you use that does the checks for £2?

He says he needs to check the company and each director. £25+£15=£40

[MrJuice]

Simpo Two said:

I stuffed it into Google and got this:

https://tinyurl.com/y43lw5a5

Thanks

I'm happy for him to hold my records. But £40 is taking the piss if all he needs is my passport and proof of address

Adding in the AML header is going to make people think this is official. Better just pay. But it is taking the piss