Posts Tagged ‘risk based approach’
04.11.10 FATF to add Tax Crimes as a ‘Predicate offence’ for money laundering
The Financial Action Task Force in its consultation document ‘Preparation for the 4th Round of Mutual Evaluations’ states that is considering including tax crimes as a predicate offence for money laundering in the context of its recommendation 1. More precisely, it proposes to amend the list of designated categories of ...
10.08.10 External consultants cannot act as a Nominated Officer under Money Laundering Regulations
As an external consultant I am usually in the situation where systems we devise for compliance starts with a simple policy statement, which firstly details who is and how to communicate with, the nominated officer, who will be a senior member of the firm, a director, partner or owner manager. ...
Ongoing Monitoring – What are the practical implementations for existing clients?
Do the requirements to carry out ongoing monitoring of customer due diligence measures and client’s business relationships mean that you must obtain a passport and utility bill from your existing clients or that you must investigate all the business affairs of your clients? For many existing clients which date from 1 ...
Q. What is Customer Due Diligence?
Customer Due Diligence (CDD) is a key part of the anti-money laundering requirements. They ensure that businesses know who their clients are, what their clients business are and do. They help ensure that you do not accept clients unknowingly which are outside your normal risk tolerance, or whose business you ...
Q. What are the Specific Breaches of the Money Laundering Regulations?
The specific failings and breaches which are clearly defined within the Money Laundering Regulations 2007 are; Regulation 7 – Failure to apply appropriate risk-sensitive customer due diligence measures Regulation 8 – Failure to apply appropriate and risk-sensitive ongoing monitoring of a business relationship Regulation 9 – Failure to comply with the requirements in ...
Q. What is my supervisor looking for me to do?
In simple terms there are four main things which all firms must do and be able to demonstrate compliance to a Supervisor, they are:- Your firm must adopt appropriate policies and procedures for compliance for which the MLRO must implement into the systems of the firm. Ensure that all staff have adequate ...
financial criminals and disqualified directors in UK Companies House Register
World-Check exposes terrorists, financial criminals and disqualified directors in UK Companies House Register World-Check, in partnership with data quality specialist Datanomic, recently embarked on a project to screen the UK’s Companies House register of companies, company directors and secretaries against World-Check's global database of high risk individuals and organisations. The underlying aim ...
Financial Action Task Force (FATF) statement
Financial Action Task Force (FATF) statement Financial institutions in the UK should give special attention to business relations and transactions with persons, including companies and financial institutions, from jurisdictions that do not adequately apply the FATF Recommendations. The FATF is an inter-governmental body that develops national and international policies to combat anti ...
