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 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 […]
Introduction The Consumer Duty (“the Duty”) is now in force for all open and existing retail products and services. There are hundreds of pages of rules, guidance and publications to sift through. The Consumer Duty in a Nutshell article summarises this information to help you understand the Duty and your obligations. This page will aid […]
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 […]
Skills Gap Analysis Overview If you are wondering how to carry out a skills gap analysis, this article will provide you with the generic stages and criteria. Completing a skills gap analysis is a key business function that is applicable to all business types and industries. The starting point is to identify what skills your […]
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 […]
Who Are Vulnerable Customers? The FCA define a Vulnerable Customer as: – “Someone who, due to their personal circumstances, is especially susceptible to harm, particularly when a firm is not acting with appropriate levels of care.” In their Approach to Consumers guidance paper, the FCA notes four factors that can act as drivers to actual […]
GDPR and Digital Information Bill Summary After tabling and then withdrawing the initial data protection reform bill, the revised Data Protection and Digital Information (No. 2) Bill (“the Bill) is now making its way through the parlimentary channels. The second version of the Bill provides some additional clarifications on its predecessor. It aims to make […]
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 […]
How do the Consumer Duty & SMCR tie in together? Know Your Compliance Limited already offer the UK’s leading SMCR Policy Toolkit with over 25 policies, checklists and tools for complying with the Senior Managers & Certification Regime (SMCR). However, the introduction of new regulatory rules and guidance from 31st July 2023 under The Consumer […]