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PAYROLL AGENTS. Sector Specific AML/CFT Guidance Notes. August PDF
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1 PAYROLL AGENTS Sector Specific AML/CFT Guidance Notes August 2015 Whilst this publication has been prepared by the Financial Supervision Commission, it is not a legal document and should not be relied upon in respect of points of law. Reference for that purpose should be made to the appropriate statutory provisions. Contact: AML Unit, Enforcement Division Financial Supervision Commission PO Box 58, Finch Hill House, Bucks Road, Douglas Isle of Man IM99 1DT Tel: Fax: Website:
2 Contents 1 Foreword Introduction Risk Guidance Higher Risk Indictors Customer Due Diligence Who is the Customer? Source of Funds Ongoing Monitoring Case Studies Financial management of a criminal organisation Tax evasion Tax evasion Ghost employees
3 1 Foreword For the purposes of this sector specific guidance, the business of a payroll agent refers to the business activity at sub-paragraph (ll) of Schedule 4 to the Proceeds of Crime Act 2008 ( POCA). Payroll agent is defined as: a person that is involved with the payment of earnings to or for the benefit of any individual, where the payroll agent is not that individual s employer, but does not include services provided by technical service providers, which support the provision of payment services, without the technical services provider entering at any time into possession of the funds to be transferred. Technical Service Provider is defined as: a person that supports the provision of payment services by providing services including (but not limited to) services of the following kinds, but that does not, at any time, possess the funds to be transferred (a) (b) (c) (d) (e) the processing and storage of data; trust and privacy protection services; data and entity authentication; information technology and communication network provision; and the provision and maintenance of terminals and devices used for payment services. To provide clarification in relation to who would be classed as a payroll agent, where a business, processes the payroll calculations, collects the funds from an employer/business, pays the net proceeds to the employee/contractor and arranges for the payment of withheld taxation to the relevant authorities, this would be considered the business of a payroll agent as defined above. Where a business is purely involved with the calculation of wages and any associated deductions and tax liabilities (such as ITIP / VAT / NI) but does not enter into the possession of funds it would not be a payroll agent. However, where a business is undertaking any form of calculations relating to tax it should consider whether it would be classed as a tax advisor (activity jj of Schedule 4 to POCA) or external accountant (activity f of Schedule 4 to POCA). By virtue of being included in Schedule 4 to POCA this sector is subject to the requirements of the Anti-Money Laundering and Countering the Financing of Terrorism Code 2015 ( the Code ). Also, the payroll sector is included in the Designated Businesses (Registration and Oversight) Act 2015 which is expected to come into force later in Once this legislation comes into effect the Financial Supervision Commission will have the power to oversee this sector for Anti-Money Laundering and Countering the Financing of Terrorism ( AML/CFT ) purposes. 3
4 2 Introduction The purpose of this document is to provide some guidance specifically for the payroll agent sector. This sector specific guidance should be read in conjunction with the main body of the AML/CFT Handbook. It should be noted that guidance is not law, however it is persuasive. Where a person follows guidance this would tend to indicate compliance with the legislative provisions, and vice versa. This document will cover unique money laundering and terrorist financing ( ML/FT ) risks that may be faced by the sector and will provide further guidance in respect of customer due diligence ( CDD ) measures where a one size fits all approach may not work. Also, some case studies are included to provide context to these unique risks. The information included in this document may be useful to relevant persons to assist with their risk assessment obligations under the Code. There is not yet a published typology paper in respect of this sector from the FATF. Therefore the risk factors within this document are based on the 2008 FATF report Risk Based Approach for Accountants 1 as some of the factors are common across both sectors. The Commission recommends that relevant persons familiarise themselves with this document, and any other typology reports or case studies that are published concerning the payroll sector. The Island s National Risk Assessment ( NRA ) is being undertaken at the time of writing and this document will likely be updated in due course following the publication of the NRA findings. This update is expected to take place in the Autumn of Risk Guidance Guidance in relation to conducting risk assessments is provided under Part 3 of the AML/CFT Handbook. This section aims to provide further guidance to the risks generally unique to this sector. The services of a payroll agent may be used by money launderers to provide an additional layer of legitimacy to the criminal s financial arrangements, especially where the sums involved may be larger. As the financial sector has increased its due diligence efforts, Designated Non- Financial Business and Professions ( DNFBPs ), such as payroll agent businesses, have become more and more attractive to money launderers. Payroll agents can be vulnerable to money laundering in a number of ways. Some examples are as follows: 1 4
5 Criminals establishing themselves as both employer and employee (either directly or through an associate) the proceeds of crime are paid by the employer to the contactor using fabricated invoices or timesheets. This can be easily identified by establishing source of funds, and undertaking reasonable due diligence on both the employer and the employee including the source of funds. The creation of ghost employees within a company which refers to someone on the payroll who doesn t actually work for the company. The ghost frequently is a recently departed employee, a made-up person, or friend or relative of the fraudster. The payroll agent could be used to make payments to this ghost. The payroll agent must therefore be vigilant in relation to the amounts of the payroll, number of employees, any variations to this etc. Payroll service businesses should exercise care that they are not in receipt of the proceeds of proceeds of crime, bribery or corruption. Again this can be identified by undertaking due diligence and taking reasonable measures to verify the source of funds. In addition, payroll service providers should take reasonable care to ensure that they are not abused for tax offences which is a predicate offence for money laundering. 4 Higher Risk Indicators As with the basic elements of a risk assessment discussed under Part 3 of the AML/CFT Handbook, the following list provides examples of factors or activities that are likely to indicate a higher risk of ML/FT and should warrant further attention or scrutiny by the firm (just because a feature is listed below it does not automatically make the relationship high risk, provided suitable controls are in place). As with all types of risk assessment, a holistic approach should be taken and the indicators below should be taken into consideration along with a wide range of other factors: 1. the customer is (a) using an agent or intermediary without good reason; (b) actively avoiding personal contact without good reason; (c) reluctant to provide or refuses to provide information, data and documents usually required or; (d) provides false or counterfeited documentation; 2. the customer is known to have convictions for acquisitive crime, known to be currently under investigation for acquisitive crime, or have known connections with criminals; 3. there are attempts to disguise the real owner or related parties of the customer; 4. transactions involve a disproportional amount, bearer instruments or cash without any logical reason; 5
6 5. the transactions are inconsistent with the socio-economic profile of the individual or the businesses economic profile; 6. the customer is providing instructions with no rationale being provided when requested, or insufficient explanation; 7. the customer or a third party is contributing a significant sum in cash as collateral provided by the borrower/debtor rather than simply using those funds directly, without logical explanation; 8. the source of funds is unusual; such as a third party funding asset purchases, fees or taxes involved especially with no apparent connection or legitimate explanation; 9. the customer is using multiple bank accounts or foreign accounts without good reason; 10. finance is provided by a lender, either a natural or legal person, other than a credit institution, with no logical explanation or economic justification; 11. there is a large increase in payments to employees with no logical explanation; 12. a request is made to pay an employee, however full details such as the employee s NI number have not been provided, or the customer is unwilling to provide these details; 13. there has been an increase in capital from a foreign country, which either has no relationship to the customer and/or is high risk; 14. large financial transactions, especially if these transactions are not justified by the corporate purpose, the activity of the customer or the possible group of companies to which it belongs or other justifiable reasons; 15. the customer is prepared to pay substantially higher fees than usual, without legitimate reason; 16. the customer requests a complex arrangement and does not explain the rationale, or insufficiently explains the rationale; 17. the customer has changed service provider a number of times in a short space of time or engaged multiple advisers without legitimate reason; 18. the required service was refused by another service provider or the relationship with another service provider was terminated; 19. considering internal checks and controls, there are pay slips without deductions for any taxes / NI; 20. there are duplicate names, addresses and NI numbers on the payroll; and 21. there are fluctuations in relation to the amount of payroll expense for customers ( this could indicate ghost employees). 5 Customer Due Diligence Please see the Code and the AML/CFT Handbook for the general requirements in relation to CDD. This section sets out some further considerations for the payroll agent sector. 6
7 5.1 Who is the Customer? There are two main payroll business models operating locally: 1. A payroll agent provides a payroll service (calculations / deductions / payments) to another business in relation to that businesses underlying employees. In relation to this business model the customer will be the business that has approached the payroll agent to provide a payroll service in respect of its employees. (The underlying employees that are receiving payments are not the customer.) 2. A payroll agent provides a payroll service (calculations / deductions / payments) to contractors. In this case the payroll agent will invoice a third party company for the services provided to it by the contractor. The payroll company will subsequently pay the contractor for the services being provided and will retain any fees due to it. Where a model such as this is used by a contractor the payroll agent must be clear regarding the rationale for this. In relation to this business model the payroll agent would treat both the contractor, and the third party company, as its customers. The requirements of the Code such as risk assessments, customer due diligence (including source of funds), ongoing monitoring, record keeping etc. would apply to the customer. The AML/CFT Handbook provides further information in relation to how to meet these Code requirements. Where there is a variation in the business models referred to above, and it is unclear who the customer is, we would recommend discussing this further with the Commission. 5.2 Source of Funds Paragraph 10 of the Code requires the taking of reasonable measure to establish the source of funds for all new business relationships. Part 3 of the AML/CFT Handbook provides further details on how to establish source of funds. In relation to payroll agents they will be receiving funds to pay the fees owed by the customer and also those funds to be disseminated to the employees they are arranging salary payments for. It is expected that the source of funds would typically be from the customer themselves. If the funds are being received from a third party, the business should identify and verify the identity of this third party where necessary. It should also seek to establish the relationship between the customer and the third party and consider the rationale for the payment and whether this appears reasonable. 7
8 In the cases of a direct wire transfer or a cheque payment the source of funds is selfexplanatory. There are instances where payments are made, such as by BACS, where the sender information is not ordinarily attached but is available upon request the business does not have to hold that information file, however must to be able to obtain it within 7 business days of a request from a competent authority. 5.3 Ongoing Monitoring Due to the nature of the services provided by payroll agents, in particular the numerous transfers of funds that are taking place, the ongoing monitoring provisions are of particular importance. The ongoing provisions refer to both transaction monitoring and customer due diligence information. In relation to transaction monitoring, the payroll agent must ensure that the payments being made on behalf of the customers are monitored (e.g. volume, amount, jurisdiction, frequency, etc.) and it should be ensured that they are satisfied the activity is in line with the customer s risk assessment, source of funds and expected account activity etc. Particular attention should be paid to transactions which are large, complex or unusual and further action taken if necessary (such as an internal disclosure). The AML/CFT Handbook at part 3 is quite detailed in relation to ongoing monitoring. Also, when undertaking the payments the payroll agent must ensure it considers the higher risk indicators set out in part 4 of this document. 6 Case Studies The typologies below are some examples of risks that could crystallise and cause losses and/or sanctions (civil and criminal) against the business: 6.1 Financial management of a criminal organisation A law enforcement operation identified an accountant, J, who was believed to be part of the criminal organisation involved in money laundering and re-investment of illicit proceeds derived from drugs trafficking led by X. J s role was mainly that of a financial consultant. His task was to analyse the technical aspects of the investments planned by the organisation and identify the most appropriate financial techniques to make these investments appear legitimate from a fiscal stance. He was also to try, as much as possible, to make these investments profitable. J was an expert in banking procedures and most sophisticated international financial instruments. He was the actual financial mind of the network involved in the reinvestment of proceeds available to X. J operated by sub-dividing the financial transactions among different geographical areas through triangle transactions among companies and foreign credit institutions, by electronic transfers and stand-by credit letters as a warrant for commercial contracts which were later invested in other commercial activities. 8
9 6.2 Tax evasion 1 A Chartered Accountant provided services to clients whereby the income they derived in Australia was transferred into overseas bank accounts operated in an off shore banking centre in the name of the companies based there (the chartered accountants husband acted as nominee director and shareholder). The money sent offshore was recorded as business deductions in the accounting records of the clients, from which the chartered accountant prepared and lodged income tax returns. The off-shore banking centre companies were administered by an accountant based in the jurisdiction. The money sent offshore were then returned to Australia via the chartered accountant s trust account, disguised as loans from the off shore banking centre based company to the chartered accountant clients, and used for private purposes, such as real estate purchases. This alleged scheme offered the client the benefit of obtaining their income tax-free and afforded them the opportunity to claim interest payments as tax deductions. These back to back loans included the fabrication of loan agreements and other accounting records to support the loans. Foreign companies were also used by the chartered accountant s clients for the purpose of share trading in the name of the company, thereby hiding capital and/or trading profits and dividends received as a result of the share trading. Another service provided to the clients of the chartered accountant involved the creation of personal superannuation funds to allow clients early access to retirement benefits. Preserved superannuation benefits, belonging to clients of chartered accountant, were deposited into the chartered accountants trust account and labelled an investment from the fund to an off-shore banking centre based company incorporated by her husband. The funds were then forwarded from the chartered accountants trust account to a financial institution in the name of the individual who was a member of the fund. This scheme allowed early access to preserved superannuation benefits to the members of the fund well before retirement. Clients of the chartered accountant also made payments to an off-shore banking centre -based company for services which were not provided by the company. This effectively provided a tax deduction for the client, to which the client was not entitled. 9
10 6.3 Tax evasion 2 A large company, Company X, developed its own in-house payroll system in order to pay its own employees. Company X then began offering the use of the system to contractors for a fee. These individuals would have a contract arrangement with Company X to cover the payment of wages but would be working (via a contract) for a third party company. The contractor would inform Company X each month the number of hours they had worked and Company X would invoice the third party company for those hours. The third party company would pay Company X the appropriate amount including the appropriate NI contribution, Company X would then pay the individual a certain amount in the form of a loan. It subsequently came to light that individuals were failing to pay the appropriate tax / NI as their payment was being disguised as a loan rather than a salary. 6.4 Ghost employees Note: This case study is more relevant for an entity operating its own payroll but nevertheless it is useful to highlight how a payroll system could be abused. Mr X an employee of a large non-profit organisation created a number of ghost employees on the payroll system. He made up the names for these employees and used the social security numbers of people who had recently died. Over time Mr X began entering false wage information for the ghost workers. At the same time he arranged for their pay checks to be direct-deposited into his own bank account, based on his own dealings with the financial institutions he knew the bank did not match the employee name to the one on the bank depositor s account. The payroll disbursements had to be approved by a supervisor, Mr X prepared a fake payroll summary (rather than the report from the system) and as he was seen as an exemplary employee the supervisor did not check his work carefully and failed to notice the difference in typeface from a real report. Mr X then had to create a phony file copy of the ghost s pay checks, the office s hard copies of the legitimate pay slips were printed in yellow by the accounting department, his were printed in white. Eventually, during an audit, a white pay check was singled out and was traced through the system and the fraud was uncovered. Over the course of two years Mr X had embezzled $112,000 from his employer. 10
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