Anti Money Laundering Policy Example

Any policy within a business should start by defining what the included content covers. The introduction does not need to be extensive. However, it should give anyone referring to the policy sufficient information to understand what the policy relates to.

Money laundering is the term used to describe the process or act of disguising or hiding the original ownership of money that has been obtained through criminal acts such as terrorism, corruption or fraud. Such monies are then moved through legitimate businesses or sources to make it appear ‘clean’.

Vulnerable Customers Employee Training

The fair treatment of consumers and vulnerable customer awareness has always been one of the FCA’s key priorities, but with the publication of guidance paper FG21/1 in February 2021, the regulator has set out numerous objectives, obligations and expectations that all regulated firms are required to understand and meet.

Vulnerable customer awareness goes hand in hand in Treating Customers Fairly (TCF), which is one of the FCA’s principles for business. Ensuring good outcomes and that all interactions and communications are fair, consistent and compliant are mandatory requirements.

FCA Compliance Manual Template

The Know Your Compliance Limited FCA Compliance Manual Template is the most comprehensive FCA template package on the market. With over 5500 organisations using our policy templates and packages, we are the market leader for FCA compliance solutions.

Our bespoke FCA Compliance Manual comes with a 300+ page main manual, as well as over 100 policy and procedure templates. Firms who must comply with the FCA regulations can hit the ground running with this extensive package. All parts of the manual and supporting policies are fully customisable and provided in a Word format.

CASS Compliance FCA Templates

The CASS Sourcebook is part of the FCA Handbook and applies to all firms who hold or control client money and safe custody assets (client assets). The guidance, rules and requirements set out in CASS have been created to ensure that adequate protections and controls are in place to safeguard client assets should a firm fail or exit the market.

CASS Policy TemplateClient Assets is an area of high importance to the FCA. The regulator has made significant changes to this area since taking over the role from the FSA. The importance of Client Assets is mae clear by one of the FCA’s defining Principles for firms: –

Principle 10 Clients’ Assets – “A firm must arrange adequate protection for clients’ assets when it is responsible for them”.

What is a Vulnerable Customer?

The Financial Conduct Authority (FCA) have always had a robust approach to the way vulnerable customers are managed by regulated firms. However, following on from reviews and the Covid-19 crisis, the FCA have said “we want to drive improvements in the way firms treat vulnerable consumers and bring about a practical shift in firms’ actions and behaviour.”

Complaint Procedure Template

Every business needs a structured complaint procedure template. Most importantly, a complaint handling procedure should support a method of review and improvement.

Alongside a procedure, using a complaint handling log allows for patterns to be identified. This in turn, enables a company to prevent similar issues from arising in the future. Simply put, complaint procedure templates, logs and complaint response examples offer consistency and clarity.

How To Carry Out An AML Risk Assessment

Businesses with anti money laundering obligations are required to carry out a risk assessment. Most importantly, the aim of this is to identify, assess and mitigate risks associated with financial crime. The FCA and HMRC are two of the bodies acting as supervisory authorities for the MLR. For instance, both have rules and guidance on the risk assessment process.

Anti Money Laundering (AML) Policy Template