AML Legislation Imposes Tougher Disclosure Requirements
Recently our clients are asking us why they are required to produce copies of their trust deeds and other documents when they apply for finance.
The reasons for this relate to recent changes to the Anti-Money Laundering and Counter-Terrorism Financing Act. These now require all companies seeking finance that operate under a trust structure to produce certified trust deeds and additional identification to ensure the relevant parties to a transaction can be clearly identified under the Act.
The changes to the Act are quite far reaching, given that many accountants have created trust structures, holding companies, partnership and other vehicles to protect assets of their clients.
