Everyone working within the regulated sector must appreciate the importance of having a detailed knowledge of the Money Laundering Regulations 2012; and implement stringent systems to ensure full compliance with the regulations.
In addition Regulators may impose their own money laundering principles. Financial institutions, for example, which are subject to regulation by the Financial Conduct Authority, must comply with its principles on money laundering.
The Courts and Regulators consider breaches of money laundering legislation as a serious matter; in 2010 the FSA (FCA) fined RBS £5.6m for failing to adequately screen customers and payments to prevent its banks from being used for money laundering or the financing of terrorist activities.
It is therefore of vital importance to comply with all legislation and regulations in force by ensuring that adequate anti-money laundering systems are in place and, more importantly, that compliance systems are applied.
The main provisions of the Money Laundering Regulations 2012 require firms in the regulated sector to put in place controls to prevent them being used for money laundering.
- Identity checks
- Keeping records of relevant documents
- Training employees in anti-money laundering
- Having in place a nominated officer (known as a Money Laundering Reporting Officer), and
- Putting in place procedures to enable employees to report suspicious activities.
Our Anti-Money Laundering Lawyers are available 24/7 and can assist with providing:
- Advice on the requirements of money laundering regulations and legislation
- Advice on compliance with money laundering regulations and legislation
- Advice and assistance on anti-money laundering policies and procedures
- Training in anti-money laundering.
Call our Anti-Money Laundering Solicitors on freephone 0161 830 9695 or contact us online.
Slater and Gordon Lawyers is one of the UK's largest and well known law firms with offices in London, Manchester, Watford, Liverpool, Chester, Birmingham, Sheffield, Cardiff, Edinburgh, Cambridge, Milton Keynes, Preston, Wakefield and Wrexham.