Why would you need an Anti-Money Laundering Policy Toolkit? For many UK organisations, registering with an anti-money laundering scheme is mandatory. Those with oversight for money laundering prevention are referred to as a Supervisory Authority. Examples of such authorities include the FCA, HMRC and the Gambling Commission. It is mandatory for those with AML obligations […]
Due diligence is the assessment, investigation and review of a product, service, business, individual or third-party. It involves validating those with whom organisations form a working relationship in order to ensure that they are verified and suitable. Due diligence is one of the foundations of any business and is mandatory in many regulated sectors. In […]
What is a Conflict of Interest? A conflict of interest as it relates to business, is defined as an action or relationship that may impair the ability to make an objective and/or fair decision. This conflict can arise from the impairment of an individual employee or as a business activity. A conflict of interest in […]
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 […]