The Money Laundering Regulations 2007 came into effect on 15 December 2007. A major part of the Regulations is that all firms should be supervised for their compliance. One of the requirements of compliance is for all relevant staff are trained in awareness of the risks posed by money laundering to the firm and offences under the legislation which help to ensure a culture of vigilance and compliance within the work place.
Her Majesty’s Revenue and Customs (HMRC), who are a major supervisory authority for the Regulations, inform us that: “The purpose of the Regulations is to ensure businesses employ a range of measures and controls to reduce the risks that, the business, or its clients, could be used by money launderers or Terrorists. The ultimate purpose of the controls is to deter and detect money laundering and report suspicions to the Serious Organised Crime Agency (SOCA). Therefore, the role of the regulated business is effectively to police their customers and clients”.
In light of this the aim of the training is:-
Aid staff to have a good understanding of their roles and responsibilities under the UK Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Regime, and
Help staff in the regulated sector understand the burden and responsibility of law and regulation which has been placed upon them.
All have to understand what their small part is in the wider picture of the worldwide regime, how it affects daily working routines. Why regulated sector firms have put in place or up dated existing policies and procedures in order to comply with this set of legislation.
The training will look at various aspects to help you get to grips with the basic concepts from risk mitigation, client due diligence through to the reporting regime. The aim of this simple guide is help you understand the basic requirements and where you and your firm fit into it.