The FATF encourage the full use of a risk-based approach to customer due diligence which is essential in knowing who businesses are working with and on behalf of. Extensive and robust due diligence controls are one of the key measures in identifying money laundering risks and should form a large part of any AML […]
Carrying out effective and compliant due diligence is not just for businesses with obligations under the Money Laundering Regulations 2017 or for those authorised or supervised by the FCA or HMRC. Most firms will be required to complete due diligence on suppliers, customers and/or employees to meet business and sometimes legal obligations. It is essential […]
Most businesses are required to carry out some form of due diligence in meeting their regulatory, contractual or legal obligations and to mitigate the risks associated with standard business relationships such as working with suppliers, customers, employees and other third parties. Carrying out effective and adequate due diligence also helps to protect an organisations’ customers […]
Last month, the Financial Conduct Authority (FCA) handed out a £37,805,400 fine to the London branch of Commerzbank AG for significant failings related to anti-money laundering controls and measures. This costly fine included a 30% discount, as the firm offered to settle at an early stage of the investigation. The full fine without an early […]
Anti-money laundering is a general term that refers to legislation, regulations, requirements and rules on preventing terrorist financing, money laundering and criminal activities relating to money and transactions. Firms with obligations under these rules (i.e. the Money Laundering Regulations (MLR17) in the UK), are expected to put controls, tools and policies into place to identify […]
If you have obligations under The Money Laundering Regulations 2017 (MLR17), you will need to have compliant policies, measures and processes in place to meet those obligations. Whether your Supervisory Authority is the FCA, HMRC or Gambling Commission, many of the requirements set by these bodies come from the MLR17 and require firms to have […]
If you are required to comply with the MLR17, we have developed a Anti Money Laundering Checklist that contains over 60 assessment questions and helps firms to assess their compliance with the money laundering and financial crime legislation and regulations. Covering areas such as policies and procedures, transactions, internal controls, training, risk assessment and due […]