Online verification company, Veriphy, has reported that nine out of ten companies that contact them are on the wrong side of the law when it comes to the Anti Money Laundering legislation.
George Stark, managing director of Veriphy said, “Some of our enquirers are getting it slightly wrong and some are getting it very badly wrong. In most cases clients are willing to take advice on what they are meant to be doing.
“However, there is a huge swathe of companies out there who actually refuse to accept what their obligations are under the new legislation.”
Since the 15th of December 2007, when the new legislation came in, anyone who fell within its net has been required to take reasonable steps to identify their clients, have a written anti money laundering policy and to have trained all relevant staff in that policy.
The consequences of not complying with the rules can be serious - up to and including two years in prison even if no money laundering has taken place.
