5.4 Accountants

Transcript

This add-on is for accountants. Here's how AML/CTF applies to your work. Designated services include setting up or restructuring companies and trusts, receiving or holding client money, helping with business or property sales, and acting as or arranging a nominee. Preparing a tax return on its own is generally not covered. Watch for red flags: requests for structures that hide who's behind them, money moving through entities with no business reason, reluctance to name beneficial owners, and frequent unexplained changes. Focus on lessons 2.3 and 3.4. Most of your designated work involves companies, trusts and super funds, so beneficial owners matter. Quick recap. Entity set-up, restructures, client money and nominee roles can be designated services. A tax return on its own is generally not covered. Beneficial owners matter most in your work. That's your industry add-on. Revisit any core lesson anytime.