On the 15 May 2013 the OFT has issued new enforcement principles which will apply to estate agents and consumer credit financial institutions (CCFI’s).
Key changes include:
- Making it clear in which areas the Money Laundering Regulations 2007 place requirements on supervised businesses.
- Highlighting that the OFT can issue a notice requiring information from supervised businesses and connected persons.
- Providing more detail in relation to the OFT's inspection programme, including how it prioritises inspections.
- Explaining the factors to that will be taken into account when deciding whether to impose civil penalties or bring criminal prosecutions.
- Providing examples of when the OFT might determine that immediate enforcement action is necessary.
By Business Crime Solicitor Jeremy Summers.
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