Comply with the Money Laundering Regulations The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 apply to a number of UK businesses in industries where their products or services are vulnerable to financial crime. Businesses with obligations under these Money Laundering Regulations (MLR) are supervised by a money laundering […]
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’.
For organisations operating a business in the financial sector, registering with an anti-money laundering scheme is mandatory. Some businesses and individuals must register with a Supervisory Authority (i.e. FCA, HMRC, Gambling Commission), following both their rules and those under the anti-money laundering regulations. The Money Laundering Regulations (MLR17), including the 2019 updates, provide businesses and […]