The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 come into force today. This means a number of new obligations:
- You must undertake a risk assessment, based on a number of factors such as client types, work types and geographic reach. This risk assessment must be documented and provided to the SRA on request.
- You must set up and operate an independent audit function to monitor compliance and the effectiveness of systems.
Our experts help firms in meeting these requirements and their obligations in respect of AML compliance. We put in place systems, policies and procedures, undertake independent auditing of your firm’s systems and monitor compliance in practice. We also provide comprehensive training for your MLRO and staff at all levels.