If multi-national banks such as Natwest can fail to adhere to the Money Laundering Regulations, then it suggests that thousands more businesses of all scopes and sizes are also non-compliant when it comes to the mandatory financial crime requirements.
The FCA announced last week that it has launched criminal proceedings against the National Westminster Bank Plc (NatWest) in respect of offences under the Money Laundering Regulations 2007 (as the dates in question preceed the MLR17).
The regulator alleges that the bank failed to adequately monitor and scrutinise transaction activity relating to funds deposited into accounts operated by a UK incorporated customer of NatWest.
The regulator alleges that increasingly large cash deposits were made into the customer’s accounts, with approx. £365 million being paid into the customer’s accounts, of which around £264 million was in cash.
Currently no individuals are being charged as part of these proceedings, however with the SMCR now in force, fines and penalties could have been levied against indivduals if it was found they could or should have know about the activities.Read more on the FCA Website...
Anti Money Laundering (AML) Policy Templates
It is of course not enough to just have a robust Anti Money Laundering Policy & Procedure in place, a company also needs to follow the processes and controls written in the document. But having a compliant policy that covers areas such as transaction monitoring, due diligence and risk assessments is a mandatory requirement for those with obligations under the MLR17.
Our AML Policy template pack comes with an extensive AML Policy Template as well as a AML Risk Assessment Template and MLRO Form. Compliant with both the FCA and HMRC requirements in addition to the MLR17, our templates can be customised to suit any business type.
For those firms looking for a complete anti money laundering compliance program, we also offer extended AML Template packs also including due diligence policies, risk management templates, outsourcing and anti-bribery and corruption.