Compliance with the MLR and HMRC Those in the accountancy sector are required to comply with the Money Laundering Regulations (MLR) in the UK. This includes accountants, tax advisers, bookkeepers and insolvency practitioners. Having an effective and compliant Anti Money Laundering Policy template can save time and money. Anti money laundering is an extensive compliance […]
What is Financial Crime? Financial crime, as defined by the FCA and FSMA is any kind of criminal conduct relating to money or to financial services or markets, including any offence involving: – (a) Fraud or dishonesty; or (b) Misconduct in, or misuse of information relating to, a financial market; or (c) Handling the proceeds […]
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’.
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 […]