Understanding how to identify and report suspicious activity is a fundamental part of your money laundering prevention framework. If you have obligations under the Money Laundering Regulations you must submit a Suspicious Activity Report (SAR) if you know or suspect a person is engaged in (or attempting) money laundering or terrorist financing. Identifying Suspicious Activity […]
A money laundering compliance manual is a set of anti money laundering (AML) policies and controls that make up a businesses AML compliance framework. At a minimum, it should consist of an AML policy, business wide risk assessment, suspicious activity reporting procedures and an anti-bribery & corruption policy (ABC). However, if you’ve glanced at or […]
Are you wondering if you will need to register with HMRC for money laundering supervision? This quick guide will tell you all you need to know and provide you with some links to useful information. AML Supervisors If you are a business or individual who has obligations under the Money Laundering Regulations (MLR), you will […]
The UK GDPR contains rights for individuals in Articles 12-22 of the Regulation. These rights give a data subject some control over their personal data. Such rights enable people to access personal information, correct errors and in certain situations, object to the processing. Why Are Data Subject Rights Important? If you are an individual whose […]
Compliance with the MLR and HMRC Those in the accountancy sector are required to comply with the Money Laundering Regulations (MLR) in the UK. With this in mind, business types such as accountants, tax advisers, bookkeepers and insolvency practitioners all have AML obligations. Having an effective and compliant Anti Money Laundering Policy template can save […]
Vulnerability training for employees is not only essential for FCA authorised firms, but also any business that may be dealing with customers. Having employees who are able to identify when a customer is vulnerable and knowing how to help them is an essential business function. At Know Your Compliance Limited, our Vulnerable Customer training and […]
Are you looking for an Anti Money Laundering Policy Template for small business? If so, you have come to the right place! We know there are countless AML policy templates out there on the internet, making it really difficult to know which one to choose. We certainly won’t tell you that we are the only […]
This quick guide looks at what the AML checks for estate agents are and what other rules you need to be aware of and comply with. What is an Estate Agent? Estate agent activities are defined under the Estate Agents Act 1979 (‘the Act’). Such activities are where instructions are received from another person who […]
FCA Consultant or FCA Template Provider? An FCA compliance consultant is an individual who can help a financial services regulated firm gain or maintain authorisation. The FCA’s authorisation application process can be rigorous and complex, so having a consultant to work with can be useful. However, it can also be very expensive and is often […]
A fraud prevention and detection policy is an internal document used by businesses to record their obligations, objectives and controls for identifying and preventing fraud within the company. For best practice, the Anti-Fraud Policy should co-exist alongside your anti-bribery and corruption and anti-money laundering framework. The Fraud Act 2006 The Fraud Act 2006 (‘Act’) separates […]