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.
The specific failings and breaches which are clearly defined within the Money Laundering Regulations 2007 and may attract civil or criminal procedures from your supervisor
Your first requirement before commencing work is to be registered for compliance supervision with an appropriate supervisor.
In simple terms there are four main things which all firms must do and be able to demonstrate compliance to a Supervisor,
The Office of Fair Trading (OFT) is the supervisory authority for estate agents who fall under S1 of the Estate Agents Act 1979. Enforcement and monitoring visits will be conducted by officers of TSS locally.
Members of the above professional bodies will be supervised for complaince under their relevant professional assurance scheme and subject to the relevant members disiplininary codes of prectice.
POCA is the UK’s primary money laundering legislation.
Chapter 7 sets aout the predicate offences of money laundering applicable to all, S327 Conceals, S328 Arrangement and S329 and Aquires.
The ML Regulations are the UK’s secondary legislation in the AML/CFT regime. they where first introduced in 1993 and the 2007 Regulations are just the latest version.