Money Laundering Regulations and the Law
Money Laundering Regulations 2007
The latest anti-money laundering regulations came into effect in the UK on 15th December 2007. The regulations have particular implications for professional services firms as well as financial services organisations. Failure to comply has serious implications.
ML Solutions 4U specialises in helping regulated organisations comply with their compulsory obligations under the Regulations.
The Money Laundering Regulations 2007 require all regulated businesses to:
- Appoint a Money Laundering Reporting Officer
- put training systems in place and ensure that all relevant staff are properly trained;
- have procedures in place to facilitate the reporting of suspicious circumstances;
- conduct customer and transaction due diligence;
- retain records of compliance for at least five years;
Proceeds of Crime Act 2002 (as amended) and Terrorism Act 2000 (as amended)
The main statutory provisions relating to money laundering offences and the financing of terrorism are contained in the Proceeds of Crime Act and the Terrorism Act. Failure to comply with the relevant provisions of these Acts is a serious criminal offence punishable by imprisonment.
As well as the principal money laundering offences which involve participation in the money laundering process there are also the offences of failing to report suspicious activity and tipping off.
It is important for all Money Laundering Reporting Officers to fully understand the law relating to money laundering and the financing of terrorism.
To speak to a member of our expert team about how we can help your law firm or regulated business, call 0161 828 1937 or use the contact form on this page to get in touch.
Contact ML Solutions 4U
If you would like further guidance on your firm's regulatory and statutory obligations get in touch using the contact form on this page or via telephone on 0161 828 1937.
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