Anti-Money Laundering
Compliance & Client Protection

Yes. LOYALS is fully registered with HMRC for Anti-Money Laundering supervision. Our HMRC AML Registration Number is XXML00000179910. This registration is publicly verifiable on the HMRC Supervised Business Register at www.gov.uk/guidance/money-laundering-regulations-supervised-business-register. We are also ICAEW Chartered Accountants, providing an additional layer of professional oversight and compliance.

AML compliance protects you from financial crime. We verify your identity when you join, conduct risk assessments of your business activities, monitor transactions for suspicious patterns, and report serious concerns to authorities if required. This protects you from being unwittingly involved in money laundering, ensures your business relationships are legitimate, and demonstrates to banks, investors, and partners that you operate with integrity. It also means you're working with a properly regulated accountant who meets the highest professional standards.

Yes. We hold HMRC Agent Reference Number MARN 004 7929, which officially authorizes us to act as your agent in all dealings with HMRC. This means we can access your tax records online, respond to HMRC queries on your behalf, submit returns and documents, use priority agent helplines for faster service, and handle any tax issues or penalties. You never need to contact HMRC directly – we handle everything, saving you hours of stress and ensuring professional, expert communication with tax authorities.

For individuals and sole traders, we require government-issued photo ID (passport or UK driving licence) and proof of address (utility bill, bank statement, or council tax bill from the last 3 months). For limited companies, we also need verification of all directors and anyone who owns 25% or more of the company (beneficial owners), plus details about your business activities and source of funds. For higher-risk businesses, we may request additional documentation such as business plans, financial projections, or explanations of unusual transactions. Most clients provide everything via secure email or our client portal within minutes.

Most clients are verified within 1-2 business days. If you're already registered with HMRC or Companies House, we can fast-track verification using public records and approve you within 24 hours. The process is straightforward: after your initial consultation, we'll send you a simple checklist of documents needed, you provide them via secure upload, we verify them using official databases and registers, and once approved, you can start using our services immediately. We understand you want to get started quickly, so we prioritize AML checks to minimize delays while maintaining full compliance.

Yes, with very limited exceptions. Under the Money Laundering Regulations 2017, any accountant providing regulated services (which includes accounting, bookkeeping, tax advice, payroll, and most other services) MUST be supervised by either HMRC or a professional body like ICAEW. If an accountant claims they don't need AML registration, this is a serious red flag. You should always verify an accountant's supervision status before engaging them. For HMRC-supervised firms, check the Supervised Business Register. For professional body supervision, check that body's AML register. Never work with an unregistered accountant – you risk association with non-compliance, potential involvement in financial crime, and loss of credibility with banks and authorities.

If we identify transactions or activities that may indicate money laundering or terrorist financing, our Money Laundering Reporting Officer (MLRO) evaluates the concern. If there are reasonable grounds for suspicion, we must submit a Suspicious Activity Report (SAR) to the National Crime Agency. In most cases, we cannot inform you that a SAR has been filed (this is called "tipping off" and is a criminal offense). However, it's important to understand that filing a SAR doesn't mean you've done anything wrong – it's a protective measure for both you and the financial system. Many SARs result in no action because legitimate explanations exist for unusual patterns. Our focus is always protecting legitimate businesses while preventing criminal exploitation.

ICAEW (Institute of Chartered Accountants in England and Wales) provides an additional layer of professional oversight beyond HMRC supervision. As ICAEW Chartered Accountants, we must meet higher ethical standards, undergo regular quality assurance reviews, maintain professional indemnity insurance, complete continuing professional development (CPD) including AML training, and face potential disciplinary action from ICAEW if we breach professional standards. This dual supervision (HMRC for AML + ICAEW for professional conduct) means you benefit from multiple regulatory safeguards. It's like having two watchdogs ensuring we operate with the highest integrity and competence. Many London businesses specifically seek ICAEW Chartered status because it demonstrates proven expertise and trustworthiness beyond basic registration.

Absolutely. All personal information is handled in accordance with UK GDPR (General Data Protection Regulation) and the Data Protection Act 2018. Your documents are stored on secure, encrypted systems with restricted access only to authorized staff who require them for AML compliance. We retain records for 5 years from the end of our business relationship as required by law, then securely destroy them. We're also registered with the Information Commissioner's Office (ICO) for data protection compliance. Your information is never shared with third parties except where required by law (such as responding to law enforcement requests) or with your explicit consent. We take data security extremely seriously and implement bank-level encryption and access controls to protect your sensitive information.

We understand that some clients may have difficulty providing standard documents – for example, recent immigrants may not have UK utility bills, or digital-only bank users may not receive paper statements. We're flexible and can accept alternative documentation where reasonable. Acceptable alternatives include electronic bank statements (we can verify these), council tax letters, HMRC correspondence, mortgage statements, or letters from government agencies. For identification, we can use passports, UK driving licences, national ID cards, or biometric residence permits. If you're unsure what you can provide, just ask – we'll work with you to find a solution that meets AML requirements while accommodating your circumstances. The key is proving identity and address from reliable, independent sources.