What are AML, KYC and CDD checks?
UK accountancy service providers are legally required to carry out appropriate customer due diligence. These checks are a normal part of taking on a new client and do not mean that there is anything unusual or suspicious about your application.
AML/KYC check – identity and anti-money laundering verification required as part of our client onboarding process.
AML – Anti-Money Laundering
Anti-Money Laundering procedures are legal requirements designed to prevent money laundering and financial crime.
KYC – Know Your Customer
KYC is the process of confirming a client’s identity. This normally involves verifying information such as your name, date of birth and address using reliable and independent sources.
CDD – Customer Due Diligence
CDD is the wider process of understanding who our client is and the nature of the business relationship. It includes identity verification (KYC) and, where relevant, identifying company owners or beneficial owners and assessing the level of AML risk.