AML regulations require detailed record-keeping for at least five years following the conclusion of each transaction or business relationship. Necessary records include client identification documents, transaction details (invoices, payment confirmations), evidence of sanctions screening, and risk assessments.
Good record management demonstrates compliance during audits by HMRC, protects against regulatory penalties, and safeguards against legal or reputational risks.
Private escrow accounts provide security, trust and transparency to ongoing or ad-hoc payment requirements.
Third-Party Managed Accounts (TPMA's) are a convenient way to manage complex, high-value or even routine payment operations.
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