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THE MONEY LAUNDERING REGULATIONS AFFECTS ALL REGULATED SECTOR FIRMS

The law expects individuals in the regulated sector to be able to identify suspicious activity to the level of a ‘reasonable person’ and make the appropriate report to their MLRO and places a personal liability on the individul if they fail to do so.  The 2007 regulations impose further civil and criminal offences on a firm for failure to:

• Know Your Client and Client Due Diligence procedures
• Adopt a risk based approach
• Apply enhanced customer due diligence for those cases that pose a higher risk
• Have internal systems for reporting, regular staff training and record keeping
• Register for compliance monitoring

Poor compliance could potentially impact on your business in different ways:

• Damage of your professional and personal reputation
• Loss of your fee income
• Supervisory issues resulting in penalties

The ML Regulations 2007 are here.  We have an obligation and compulsion under law to follow them and demonstrate to a supervisor that we have done so.

If you are a relevant person the liability is on you to ensure that your staff understand fully their role and obligations under the UK's AML/CFT regime and have clear understanding of your firms's policy and procedures, then being able to demonstrate this to a monitoring body.  Just simply taking a copy of a couple of identification documents may now not be an option in a certain cases. In fact, this minimalist approach to the regulations could leave many open to supervisory issues. 

Read more:  ML Regulations 2007 

We have a complete range of services to fulfill your AML compliance obligations:

Money Laundering Compliance Limited is a member of Business Tax Centre Group of companies. A professional firm that provides, together with the DTE Group, a complete range of business support services to the professionals in practice.  The company is run by qualified personnel in Accountancy, Business, Law and Money Laundering Compliance.   

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