Due Diligence Client Risk Assessments

Due Diligence Client Risk Assessments

What is Due Diligence? Why do you need to perform due diligence client risk assessments?  Customer due diligence is the assessment, investigation and review of a supplier, business or individual with whom a company intends to form a business relationship. However, in addition to standard due diligence, part of the customer due diligence process is […]

Anti Money Laundering Compliance Checklist

Anti Money Laundering Compliance Checklist

How do you know if you are complying with your Money Laundering Regulations (MLR) obligations? Why Use an AML Compliance Checklist? The rules in the MLR are extensive and when added to those of AML Supervisory Authorities, such as the HMRC and FCA, the scope is even broader. You want to be sure you are […]

Anti Money Laundering Templates for Small Firms

GDPR CCTV Policy Template

Anti Money Laundering templates for small firms should provide ready-to-use content that is easily customised. Many of the smaller firms who have obligations under the Money Laundering Regulations are supervised by the HMRC. However, some have other supervisory authorities such as the FCA or professional bodies. Whoever your AML supervisor is, you will need to […]

Third Party Reliance Templates

Third Party Reliance Templates

What is Third Party Reliance? Using third party reliance templates enables you to meet your AML and due diligence obligations whilst complying with the mandatory regulations. Third party reliance does exactly what it says, it enables a relevant person to rely on a third party for carrying out certain due diligence measures. Part 4. Section […]

Anti-Fraud Policies and Procedures

Anti-fraud policies and procedures make up an essential part of any business’s compliance program. Firm’s have a duty of care to assess the risk of fraud posed to their business and to put processes into place to mitigate these. This article provide information and suggestions for writing an anti fraud policy and the associated fraud […]

Suspicious Activity Reporting Procedures Template

All businesses with obligations under the Money Laundering Regulations are required to have certain policies and controls in place. Under The Proceeds of Crime Act 2002 (POCA) and The Terrorism Act 2000, such firms are required to report money laundering suspicions via a Suspicious Activity Report (SAR). Where a company has concerns over potential or […]

FCA Fines Guaranty Trust Bank (UK) Limited £7.6m for AML Failings

Surprisingly, some firms are still not complying with the Money Laundering Regulations and the FCA’s oversight requirements for anti-money laundering compliance. For organisations such as Guaranty Trust Bank (UK) Limited, it appears that a past FCA fine totalling £525,000 in August 2013 for major AML systemic failings, was insufficient to make the bank review and revise […]

How To Carry Out an AML Risk Assessment

A company’s size, scope and sector help to determine the types of money laundering risks posed. An assessment is carried out across the entire business to identify and record risk factors. The records must be kept up to date, unless the relevant Supervisory Authority advises otherwise in writing. In addition to legal and regulatory compliance, reasons for carrying out an AML risk assessment are: –

Eye Watering FCA Fines for MLR Breaches

The Financial Conduct Authority (FCA) handed out over £13million in fines in June 2022 in relation to breaches of the Money Laundering Regulations (MLR). For firms with obligations under the MLR who are also regulated by the FCA, the regulator is a Supervisory Authority with the power to investigate and sanction criminal and civil breaches […]

Write a Due Diligence Policy

When you write a due dilience policy from scratch, it is important to understand your aims and obligations. Identify if you have any specific regulations or industry requirements for the Know Your Customer Controls. Businesses with obligations under the Money Laundering Regulations will want to write a due diligence policy that ties in with their […]