For organisations operating a business in the financial sector, registering with an anti-money laundering scheme is mandatory. Some businesses and individuals must register with a Supervisory Authority (i.e. FCA, HMRC, Gambling Commission), following both their rules and those under the anti-money laundering regulations.
The Money Laundering Regulations (MLR17), including the 2019 updates, provide businesses and individuals who have obligations under the regulations with the rules and requirements for identifying, assessing, managing, mitigating and monitoring sources, threats and areas vulnerable to financial crime.
The regulations and associated Supervisory Authority requirements provide a risk-based approach aimed at preventing money laundering and terrorist financing within businesses where money laundering risk is present. By conducting a written risk assessment, businesses are able to effectively identify and assess the risk of money laundering and terrorist financing, as well as areas of vulnerability.
The aim of assessing and identifying the risks is to enable businesses to develop and implement adequate controls, measures and policies in areas such as due diligence, outsourcing, anti-bribery & corruption, business relationships, transaction monitoring and general anti-money laundering measures.
AML Policy & Toolkit
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