Anti Money Laundering
There are significant changes that require you to take appropriate action to comply with the AML Regulations 2017
Here is an overview of the changes & your obligations:
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You must carry out an AML risk assessment for your firm and document it.
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You must have written and up to date AML and data protection policies, controls and procedures including record keeping and evidence of auditing.
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You must have a nominated Money Laundering Compliance Officer (as well as an MLRO) carrying out a proactive role to ensure compliance.
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There are new obligations about screening employees to assess skills, knowledge and expertise.
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There are more robust guidelines on when to carry out enhanced due diligence or when you can apply simplified due diligence.
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The definition of a PEP now includes domestic UK based individuals.
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Electronic Verification – your ability to rely on EV is now more possible on a risk-assessed basis.
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Companies – there is more detail about what checks you must carry out when you are engaged by a company.
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Trusts – a new definition of “beneficial owner” plus major new duties regarding trustees.
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Demonstrate and record ongoing AML and data protection training within your firm.
