Money laundering training and penalties for offences

Regulated organisations have a compulsory obligation to train relevant employees. The sanctions for non compliance could involve imprisonment so this is an area which cannot be overlooked.

Designated authorities are given powers to impose civil penalties under S.42 of the Money Laundering Regulations 2007.

In deciding whether a person is in breach of the Regulations the relevant designated authority must consider whether he followed any guidance issued by any supervisory authority which has been approved by the Treasury. Organisations should therefore make sure that they are aware of any guidance published by their regulating body.

The Regulations state that the civil penalties should be of a value to be "effective, proportionate and dissuasive". In addition criminal penalties can be imposed for non compliance and these could lead to a term of imprisonment not exceeding 2 years.that a summary conviction for a criminal money laundering offence may lead to a fine not exceeding the statutory maximum; and that an indictable offence, if proven, may lead to a fine and imprisonment for up to two years.

Firms and other corporate entities can also face prosecution if they fail to set up adequate AML systems and procedures.

Avoiding civil and criminal penalties through tailored money laundering training
All organisations should have workable systems in place so as to avoid the risk of prosecution. At ML Solutions4U Ltd we can help you to set these up and advise on suitable training regimes

For more information about the money laundering training packages available from ML Solutions, please contact a specialist advisor on 0845 402 0001, or complete our enquiry form and one of our team will contact you.

Money Laundering Information » Penalties and Money Laundering Training