Under Section 25 of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 a ‘designated person’ is defined as including tax advisers/external Accountants i.e. persons who are not regulated by a designated competent authorityproviding the following services:

What you need to do:


This means that you must get: 

 

You must keep these documents on file with the Accounts for inspection by an Authorised Officer of the Anti-Money Laundering Compliance Unit (AMLCU).

 

 

It is important to note that the failure of a ‘designated person’ to comply with the obligations contained in the Act is an offence and a person if convicted is liable to a fine or imprisonment or both.

 

Points to note: