All companies who carry out services subject to the Money Laundering Regulations (MLR) 2017 need to make sure that new Beneficial Owners, Officers and Managers (BOOM) can provide the Solicitors Regulation Authority (SRA) with proof that they do not have previous criminal convictions preventing them from being employed in these roles.
This is required by the Treasury on all supervisory authorities, such as the Solicitors Regulation Authority, and is needed to form part of their anti-money laundering risk and compliance procedures.
Basic DBS Checks is the way to provide this proof and can be gained through Aaron's Department easily.
Once the check has been completed, this proof can then be sent alongside all accompanying documents to the SRA. More information about BOOM and firm applications can be found on the Solicitors Regulation Authority site.
Who is Classed as a BOOM?
These definitions are set out in the Money Laundering Regulations (2017).
'Beneficial Owner' appears in regulation 5 and is someone who has a measure of control over the entity, and will include all those holding more than 25% of the shares in a company, and under r.5(3), the equivalent holding in a partnership.
An 'Officer' is quite widely defined within r.3 as:
(a) in relation to a body corporate
(i) a director, secretary, chief executive, member of the committee of management, or a person purporting to act in such a capacity, or
(ii) an individual who is a controller of the body, or a person purporting to act as a controller;
(b) in relation to an unincorporated association, means any officer of the association or any member of its governing body, or a person purporting to act in such a capacity; and
(c) in relation to a partnership, means a partner, and any manager, secretary or similar officer of the partnership, or a person purporting to act in such a capacity”
To put this into plain English, it is anyone who has an official role in managing or directing the affairs of the firm. Much simpler to understand!
The term 'manager' includes those who have responsibility for managing the activities of the firm, even if they do not form part of the firm’s executive or management team.
What Does a Basic DBS Check Show?
The basic DBS check shows all:
- Unspent convictions.
- Final warnings.
From the Police National Computer (PNC).
What Information Do You Need for a Basic DBS Check?
To apply for a basic DBS check for a member of staff, or as a BOOM, you will need the applicants:
- Current and any previous full names.
- Date and place of birth.
- Identification Documents.
- Five-year address history.
- National Insurance number (if the candidate has one).
- Written consent, giving you the right to process the application on their behalf.
How Much Does a Basic DBS Check Cost?
At Aaron's Department, you can receive a Basic DBS Check on an individual from as little as £23 (the standard Government fee), plus a £3.97 admin fee!
You can read more about Basic DBS checks on our dedicated page.
Why Choose Aaron's Department for your BOOM Checks?
We offer unbeatable DBS check prices from as little as £3.97. Not only do we have some of the best prices you’ll find, but we also have a team of experts who will help guide you through the process, ensuring your DBS application is filled out correctly, and answer any questions you may have. Click the button below to get started!