Running a business’s finances should be empowering, not exhausting. So, when a business owner is asked for some form of identity such as a photo ID or a utility bill, they often can feel like we are asking them to jump through hoops. We often get feedback of “why do you need this”, “is it really necessary”, “it’s not like I am applying for business finance”.
An anti-money laundering (AML) check is not just a legal tick box exercise; it helps protect us as the Accountant and you as the Business Owner. Simply it exists to offer us all peace of mind, right from the outset.
Of course there is a bit more detail to it, so let’s explore why these checks matter:
Clarity over jargon
There is nothing technical, an AML check simply helps us by:
- Confirming who you are
- Checking where you live
Ultimately, it is the law in the UK but it’s also about being clear, honest, and professional.
Why it’s a legal must
Under the Money Laundering Regulations 2017, we’re required to:
- Know who we’re working with
- Understand where your money comes from
- Take steps to prevent illicit dealings
If we skip these steps, then serious consequences follow for the both of us. But of course there is an upside, we build trust, transparency, and compliance right from the start.
What we will ask for
Most of the time, it’s easy:
- Photo ID in the form of a passport or driving licence
- Proof of address so a recent utility bill, bank statement, or council tax letter (less than 3 months old)
On the odd occasion we might need something extra. For example, if we’re working internationally, or something shows up in the AML system. If this does happen you will always get a clear explanation.
Keeping your information safe
It goes without saying that any information submitted is safe. We use encrypted systems to handle your documents. They’re secure, confidential, and never shared unless the law requires it.
The benefits are clear:
- Confidence that you’re working with a trusted, regulated professional
- Smoother onboarding, avoiding delays later
- Peace of mind, knowing everything’s handled by the book
- A safer financial environment for everyone
So just to summarise AML checks might feel formal, but in reality, they’re just step one in building a transparent, trusted relationship.
Have a question or want to find out a little more? Just reach out. We’re here to make things clear, easy, and stress-free. Call us on 01173 700 079 or e-mail hello@steppingstonesaccountancy.co.uk.
You can also book a free 20-minute call with Yarka – https://calendly.com/yarka-ssa/20min
