Letters of Engagement
Letters of Engagement
Letters of Engagement should be updated to reflect the new Anti-Money Laundering Regulations. The clause in the ACCA standard letters of engagement would read as follows:
"19 Money Laundering Regulations 2007
19.1 In accordance with the Proceeds of Crime Act 2002 and Money Laundering Regulations 2007 you agree to waive your right to confidentiality to the extent of any report made, document provided or information disclosed to the Serious Organised Crime Agency (SOCA).
19.2 You also acknowledge that we are required to report directly to SOCA without prior reference to you or your representatives if during the course of undertaking any assignment the person undertaking the role of Money Laundering Reporting Officer becomes suspicious of money laundering.
19.3 As a specific requirement of the Money Laundering Regulations we may require you to produce evidence of identity of the company and its owners and managers. This will include for the business proof of registration and address and for the individuals proof of identity and address. Copies of such records will be maintained by us for a period of at least five years after we cease to act for the business."
[12/09/08]