Criminal Finances Act Obligations

Summary

The Criminal Finances Act 2017 requires suppliers to implement reasonable prevention procedures to stop tax evasion, conduct regular risk assessments, and train staff on compliance. It does not specifically require suppliers to know the income information of their customers. The Act focuses on preventing tax evasion through due diligence and risk management.

Full Conversation

what obligations does Criminal Finances Act * put on a supplier
Hi ****! The Criminal Finances Act * imposes the following obligations on suppliers, specifically regarding preventing tax evasion:
- Implementation of reasonable prevention procedures to stop facilitation of tax evasion.
- Regular risk assessments and due diligence on suppliers and contractors.
- Training staff on compliance with the Act.
Do you have more specific concerns about this Act?
does the above act require a supplier to know the income information of a customer?
Hi ****! The Criminal Finances Act * does not specifically require suppliers to know the income information of their customers. The primary focus is on preventing tax evasion through due diligence, risk assessments, and implementing prevention procedures. Do you have any other questions regarding this Act?