The Association of Chartered Certified Accountants has warned that small businesses are being targeted using official looking letters intended at frightening businesses into handing over money for money laundering ‘compliance packs.’
ACCA reminded businesses that there is no need to comply with money laundering regulations where handling cash payments of €15,000 or less.
Head of Business Law at ACCA John Davies cautioned that while the letters look convincing and official, and include a form taken from the National Criminal Intelligence Service website, they are in fact bogus, and should be reported to their local Trading Standards office.
ACCA says that only businesses within the ‘regulated sector’, which includes accountants, lawyers, estate agents and casino operators, are obliged to train their staff in money laundering procedures, and even then, there is no obligation to purchase ‘compliance packs’ from any single source.
It adds that where businesses do receive cash payments above the €15,000 threshold, they must introduce money laundering procedure training and strict customer identification procedures.
