What are your obligations under the Money Laundering Regulations?
WARNING
Civil and criminal sanctions may be enforced for failure to comply with the Regulations
The Money Laundering Regulations 2007 were implemented in order to prevent activities relating to money laundering and terrorist financing. As a business caught by the regulations you must comply with the various obligations set out in the regulations. In order to prevent activities related to money laundering and terrorist financing the regulations set out the requirement for relevant businesses to establish and maintain risk-sensitive policies and procedures. Your policies, procedures, training and due diligence checks must be fully recorder and documented. You are required to:
In addition your policies and procedures must include
Have fully documented:
Risk Profiles
Anti Money Laundering Business Statements
Anti Money Laundering Policy Statements
Establish who the beneficial owners are and verify their identity as necessary
Carry out customer due diligence checks including checks to determine whether a customer is a politically exposed person and checks against terrorist and financial sanctions databases
Appoint a Money Laundering Reporting Officer (MLRO) to receive disclosures under Part 7 of POCA and Part 3 of TA and to report suspicious activity
Ensure employees report suspicious activity to the MLRO
All senior management and relevant employees must be trained and there needs to be ongoing training and information to maintain staff awareness.
Establish and maintain systems which enable full and rapid response to enquiries from law enforcement agencies
For further information on the above obligations and requirements please see the MLR8 “at a glance” guide here.
We can assist with all obligations, aspects of compliance and the checks required under the Money Laundering Regulations 2007. Please contact us on 0844 561 6852 or see our Services pages.
