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.
Our Anti-Money Laundering Lawyers are available 24/7 and can assist with providing:
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