What are you required to do under the Money Laundering Regulations?
For each client, you must:
- Provide anti money laundering training for all your staff
- Train your staff on your firm's anti money laundering procedures and how to recognise and deal with suspicious transactions
- Maintain up to date anti money laundering policies and procedures and clearly communicate them to all personnel
- Implement “robust” procedures to ensure that your firm's policies and procedures are fully implemented and are effective
- Have procedures in place for staff to report any anti money laundering or terrorist financing suspicions to the MLRO and for the MLRO to review such reports and report as appropriate to SOCA.
- Assess risk
- Confirm that your clients' (entity) exists
- Identify all directors, trustees or equivalent
- Confirm the identity of selected individuals
- Identify any beneficial owners
- Confirm the identity of selected beneficial owners
- Have adequate “know your client” information
- Record all of the above and keep it up to date
- Maintain records of the supporting evidence of identity obtained for your customers for five years and of the transactions undertaken on their behalf for five years after a one-off transaction or end of a business relationship
The Anti Money Laundering Compliance Plus software can help you achieve all this and more. Watch one of our free video demonstrations above to find out more or call us on 0845 450 5555.
What firms are saying about Anti Money Laundering Compliance Plus
"We have been using the Anti-Money Laundering Software and the support package Compliance plus for over a year now and it is a godsend to our small growing accountancy practice. The software takes away the headache of ensuring compliance and the support line on ML issues is superb together with monthly newsletters and training software. It is perfect for any accountancy practice and we strongly recommend it to anyone looking for a solution."
Ibrahim Aziz, Managing Partner & ML Officer