AML Risk Assessment & Written Procedures

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.

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’.

Anti-Money Laundering Policy Toolkit

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 […]

Money Laundering Regulation Changes Post Brexit

With amendment upon amendment of some on the UK’s legislation recently, it is easy to understand why some organisations are confused about which verison of the regulations they should be following. A classic example is the The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR17) which implemented the […]