Money Laundering: business compliance


  • Stuart Bazley, Managing Director of Compliance Services, Momenta Group
  • Caroline Foster

In the drive to halt funding terrorist activity, control of money laundering activity has risen high on the Government’s agenda. The Money Laundering Regulations 2003 expand the Regulator’s already wide powers. Failure to comply with anti-money laundering provisions prevents businesses functioning properly, carries severe financial penalties and can result in serious criminal sanctions. The 2003 Regulations require regulated companies to ensure they:• put in place proper identifying, recording and reporting procedures;• appoint a Money Laundering Reporting Officer;• make staff aware of the Regulations and the Proceeds of Crime Act 2002;and• provide proper trainingGiven the severity of the sanctions, it is essential that you are aware of your obligations. Using flowcharts, diagrams, checklists and bullet points, this timely and user-friendly manual shows you how to comply fully and effectively.Money Laundering: Business Compliance:• shows you how to spot activities that must be reported;• alerts you to when and how you must report and to do so within minimum business interruption;• demonstrates how to ensure compliance with the regulatory framework; • gives details on correct training procedures;• tells you how to avoid falling foul of the stringent rules against tipping off; and• arms you with the knowledge to avoid the pitfalls.This book is essential reading for MLROs, directors, compliance officers, risk officers, finance directors and accountants, company secretaries and all those within the regulated sector. With its uniquely practical approach and hands-on guidance, it should be he first port of call for all those wanting to understand the regulations and the guidance notes. Bazley and Foster bring experience and inside knowledge of the Regulations and potential pitfalls in practice, and provide simple tips to help companies avoid liability for money laundering.
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Money laundering reporting officers; compliance officers; lawyers and accountants


Book information

  • Published: July 2004
  • ISBN: 978-0-7545-2623-0

Table of Contents

1. Identifying your client2. Knowing your client and his business3. Internal controls4. Risk assessment and a risk-based approach to anti-money laundering5. Identifying suspicious transactions6. Reporting suspicions7. Obtaining NCIS consent to proceed8. Awareness and training of staff9. Producing and annual money laundering report10. Reputational risk11. Assess recovery and the practical implications for regulated businesses12. Investigations