Financial Crime – Mandatory Requirements

In light of poor financial crime controls and a number of civil fines against firms, the UK government and regulators has now been empowered further to take robust action against regulated firms, this can include on the spot checks at your firm’s offices to more enhanced investigations.

AML Assessment Limited has set out below a list of mandatory requirements that all regulated firms must have in place:

  • Financial crime risk assessment
  • Policies and procedures (risk based approach)
  • Systems & controls
  • Adequate resourcing (IT solution or persons)
  • Money Laundering Reporting Officer / Nominated Officer responsibilities
  • Annual training (tailored training where required)
  • Whistleblowing procedures
  • Suspicious Activity Reporting process

Whether you choose AML Assessment Limited or conduct the work in-house your financial crime controls must be of a risk-based-approach and proportionate to your business.

The majority of regulatory fines occur due to poor controls, not because money laundering has taken place. A risk-based-approach process goes further than your standard know-your-customer documents. If your controls have not changed recently we recommend that you conduct an internal review and/ or contact AML Assessment Limited who will be happy to discuss with your team any improvements.

For your free brochure on Financial Crime please click HERE