On 26 June 2017 changes were made to UK anti-money laundering measures to help prevent money laundering as well as terrorist and organised crime financing. It's aim, amongst other things, is to increase the transparency of who owns and controls companies in the UK and to ensure business compliance in respect of risk assessment and due diligence. If it works as well as it should, this greater focus on risk assessments will make it significantly more difficult for terrorists to move money through the UK's financial system. I know, that all sounds pretty heavy to me too. But don't panic, a few key points to this are outlined here in nice bite sized chunks of information, just to whet your appetite...
The 2017 legislation is so detailed it's not possible to address everything it covers in one go here. So, at a glance, there are a few points that stood out for me concerning transparency and due diligence, as these areas of honesty and risk assessment form the backbone to how I like to work and how I like to see others working:
Not that I'm into the idea of a police state, big brother, Orwell's 1984, agencies and service providers trawling my online behaviour and my emails (my wife tried that once and she ended up with the same face that Natalie from up the road's dad had all those years back), but it is a surprise to me that in this current climate exemption from CDD has been automatic under certain circumstances right up until now. Go figure! I'm not saying that under no circumstances should exemption take place, but to not have to record the reasons and to justify CDD exemption is kind of worrying for me. I just like to know that someone's on top of this...
So, there's a little introduction to how procedures have now been tightened. Hopefully, it's given you enough information to go on to take Money Laundering Legislation (2017) seriously and to have a head start in finding out more information. All businesses covered by anti-money laundering laws will need to make changes to their procedures, systems and controls to comply with the latest requirements. So, if you haven't done already, it's well worth checking it out. Also, you've learned not to be too transparent when it comes to Natalie from up the road's dad, he's got quite a temper on him and a pretty good throwing arm.
If your business is covered by anti-money laundering laws, it would be prudent to ensure that yourself and your employees are aware of the most vital aspects of:
To ensure business compliance at all levels, sign up to an easy-access, online learning course with Engage in Learning and get yourself and your staff covered. Remember, laundered money is not clean money, it could be catastrophic for your company...and you thought putting one of those new five pound notes through the wash was a problem. Good grief!
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