Including money laundering guidelines in terms and conditions of business

The duties imposed on a Regulated firm by laws such as the Proceeds of Crime Act 2002 (POCA) can have a direct effect on the way that firm does business with its clients. It is therefore wise for a firm to set out its AML obligations in its terms and conditions of business.

Making reference to duties under anti-money laundering law can prevent disputes over delays caused by the necessity to make suspicious activity reports (SARs) and carry out customer due diligence (or "know your client") procedures. Professionals such as accountants and solicitors may also wish to outline the ways in which anti-money laundering law may take precedence over confidentiality rules.

The firm's MLRO should be involved in drafting the precise wording of the relevant matters to be included in the terms and conditions of business.

Providing training to MLROs dealing with money laundering guidelines
The anti-money laundering training provided by ML Solutions 4U can include guidance on specific matters, such as drafting clauses relating to terms and conditions of business, if needed, or can cover the whole range of money laundering compliance. Our accredited training model is highly flexible and can be adapted to the specific requirements of businesses.

Our professional development solutions can be delivered online, through seminars and through in-house training - or through a combination of methods to best suit your business needs. To discuss ways in which ML Solutions 4U can help your business and satisfy the training requirement of the Money Laundering Regulations 2007, please complete our contact form or telephone an advisor on 0845 402 0001.

Money Laundering Information » Conflicts for Money Laundering Reporting Officers