Checking Customer identities to comply with anti-money laundering legalisation


Lawyers, accountants, estate agents, financial advisors and insurance companies are among a raft of organisations that must introduce new customer identity checks as part of stringent new anti-money laundering legislation, which came into force in 2004.

To help local companies, Leeds-based credit reference agency Callcredit is hosting a free breakfast seminar to explain the recent legislative changes and outline what companies must do to comply.

Beverley Dewhirst, compliance manager at Callcredit, which has developed a highly successful and easy to implement online identity checking service, says the new obligations are the result of the Proceeds of Crime Act 2002, which brings new European regulations into UK law.

"It's a case of the government tightening the net on money launderers,"

she explained.

"They are getting more creative and shifting their attention away from banks, building societies and other financial institutions, where the legislation has already had an impact.

"Any business which deals with high cash transactions is susceptible and will have to make sure that its customers are who they say they are. Non-compliance can lead to hefty fines as several leading banks have already discovered to their cost."

Callcredit's breakfast seminar takes place from 8.00am to 10.00am on Thursday, 27th January at the company's One Park Lane headquarters in Leeds city centre.

Places, which are available on a first come, first served basis, can be reserved by contacting marketing manager Susie Fieldhouse on 0113 2441555.

Subject to demand additional seminars may be arranged.