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 […]
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 […]
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 […]
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: –
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 […]
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 […]
Compliance with the MLR and HMRC Those in the accountancy sector are required to comply with the Money Laundering Regulations (MLR) in the UK. This includes accountants, tax advisers, bookkeepers and insolvency practitioners. Having an effective and compliant Anti Money Laundering Policy template can save time and money. Anti money laundering is an extensive compliance […]
What is Financial Crime? Financial crime, as defined by the FCA and FSMA is any kind of criminal conduct relating to money or to financial services or markets, including any offence involving: – (a) Fraud or dishonesty; or (b) Misconduct in, or misuse of information relating to, a financial market; or (c) Handling the proceeds […]
Know Your Compliance Limited have one of the UK’s largest portfolio of policy templates and procedures. Ready to use content, whilst also being fully customisable. Our market leading AML Policy Template also contains our highly recommended AML Risk Assessment Template for meeting the regulatory and legislative requirements in preventing financial crime. Our extensive Anti Money […]
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.