Compliance with the MLR and HMRC Those in the accountancy sector are required to comply with the Money Laundering Regulations (MLR) in the UK. With this in mind, business types such as accountants, tax advisers, bookkeepers and insolvency practitioners all have AML obligations. Having an effective and compliant Anti Money Laundering Policy template can save […]
Where a business has obligations under the Money Laundering Regulations (MLR), they must use a risk-based approach to identify, assess and prevent money laundering. Carrying out an AML Risk Assessment involves several steps, which can include (but are not limited to): –
– Identifying the money laundering risks relevant to your business.
– Completing a company-wide risk assessment which includes areas such as delivery channels, transactions, products/services, customer behaviour etc.
– Assessing the risks associated with your customers.
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’.
There have been so many amendments made to UK legislation post Brexit. As a result, there has been moutning confusion over which version is the current one. If you are unsure about the Money Laundering Regulation changes post Brexit, this article is for you! The Money Laundering, Terrorist Financing and Transfer of Funds (Information on […]