What is a Fitness & Propriety Test? The FCA make it mandatory for certain firms to assessing and verify the fitness and propriety of any employee who is (or will be) carryng out a Controlled Function; Senior Management Function; and/or a Certification Function. This requirement ensures that roles posing a significant impact or risk to […]
Regardless of the industry or sector you work in, having a structured and effective Complaints Procedure is an imperative part of good customer service. Most complaint handling procedures follow a similar pattern which include acknowledgments, timeframes, investigation processes and final responses. Some business types are regulated or governed by a professional body and will have […]
Businesses and sole traders with obligations under the Money Laundering Regulations (MLR) are required to be regulated by a supervisory authority. These include bodies such as the FCA, HMRC, The Gambling Commission and certain professional bodies. Businesses operating as an accountancy service provider are overseen by the HMRC and in additon to the MLR obligations, have specific requirements they must comply with.
Where a business has obligations under the Money Laundering Regulations (MLR), they must use a risk-based approach to identify, assess and prevent money laundering. Carrying out an AML Risk Assessment involves several steps, which can include (but are not limited to): –
– Identifying the money laundering risks relevant to your business.
– Completing a company-wide risk assessment which includes areas such as delivery channels, transactions, products/services, customer behaviour etc.
– Assessing the risks associated with your customers.