Small businesses in the region are being warned by Cardiff based accountants Graham Paul, that they could be targeted by fraudsters using new money laundering rules to push them into handing over cash.

Mailshots have been sent out by the fraudsters, which demand hundreds of pounds for “compliance packs” that they claim avoid breaking the law.

The Association of Chartered Certified Accountants (ACCA) has warned businesses to ignore these letters and to comply with statutory money laundering regulations.

Whether the business is within the regulations or not, those who accept up to £10,415 in cash for goods, are under no obligation to buy compliance packs.

However, high value dealers such as car dealers are advised to never accept cash payments that exceed £10,415 for goods. If they do exceed this, then they will need to appoint a money-laundering officer to make certain that staff are well trained in money laundering procedures and introduce customer identification systems.

John Squire, partner at Graham Paul comments “Even businesses who are high value dealers are under no obligation to buy “compliance packs” from any source and any businesses that receive such letters should report it to their local trading standards office immediately”.

For more information on new money laundering regulations or compliance packs please contact John Squire at Graham Paul on 01656 679800.