FIRM-WIDE RISK ASSESSMENTS

TDV Associates Ltd trading as ToDi & Co

Overview
This risk assessment identifies and assesses the money laundering risks that ToDi & Co faces when they carry out their company activities as a small
accountancy firm. The clients of the firm are small nail salons based in the UK.

Company profile
 Small company with 11 staffs.
 Total firm annual income is over £600,000.
 Services – Tax consultant and Accountancy services including: Personal and company Tax, account and payrolls for small sole trader, limited company
and partnership
 Clients – small business mainly nail salon and other type of business
 Location – all clients are based in the UK.

Money laundering reporting officer (MLRO): Ms Diem Nguyen

Risk factor Summary of firm Assessment of risk Mitigating actions

Clients Small nail salons and other type of Risk is normal.
business
All of our clients are based in the UK. They are
small nail salons providing beauty services to
UK customers or restaurant, takeaway. Whilst
accepting cash as payment is common
practice, money transactions are in small
amounts (£30 on average). Many of our clients
are now moving to taking card payments.
We don’t have any individual high net-worth
client. We don’t have any PEP.
Perform standard CDD to verify
client identity and business
activities.
Provide staff with training on where
risk of money laundering arises and
relevant case studies
I approve all new clients and would
be aware of any PEPs.
Services Prepare accounts Risk is normal. Provide staff with training on where
risk of money laundering arises and
We are aware of the risks associated with relevant case studies.
incomplete records.
Tax returns Risk is normal. Provide staff with training on where
risk of money laundering arises and
We don’t provide risk planning services. relevant case studies.

Payroll Risk is normal. Provide staff with training on where

risk of money laundering arises and
We process payroll calculations and advise our relevant case studies.
clients of the amounts to pay their staff.

Employee benefits Risk is normal. Provide staff with training on where

risk of money laundering arises and
relevant case studies.

Company formation Risk is normal. Provide staff with training on where

risk of money laundering arises and
We are aware that criminals may use our relevant case studies.
services to provide credibility to their business

Geography All clients are based in the UK Risk is low Perform CDD to confirm client
identity and business location.
All clients are based in the UK with business
activities carried out in the UK. There is no
connection to other countries.

Transactions Client normal account Risk is normal. Perform CDD to confirm client
identify and business activities.
Account is used for tax refunds only.
 Firm’s office account Risk is normal. Provide staff with training on where
risk of money laundering arises and
Our income is from UK based clients and bills relevant case studies.
are settled from UK bank accounts or face to
face payments by cash. Our clients receive our bank account
details on our invoice.
Delivery channels Face to face Risk is low. We only accept clients that we have
met.
We deal with all of our clients face to face. We
regularly meet with our clients at our office.
We do communicate on the phone and email.
Delivery of documents is mainly by post.
Other None identified

Actions Delivery Date Owner

Money laundering awareness course for all staff 01/04/2020 Diem Nguyen

Signed:
Dated: 01/04/2020

Next review date: 01/04/2021