the Money Laundering 2007 specify the system and procedures that firm must implement
is implemented the requirements of the European Union's Third Money Laundering Directive and introduced new requirements
part of this new regulations authorised firm are requested the FCA if they act as money service businesses or trust or company service providers
FCA is responsible for supervising the Anti-Money Laundering controls
the JMLSG help the industry meet is obligations and provide guidance for low interpretate and apply the regulations.
- most UK financial firms
- legal professionals, accountants
- trust company
- Training training stuff procedures
- Nominated Officer nominated officer or MLRO
- Procedures putting in place hecks, controls and procedures in order to anticipate and prevent ML or terrorist financing
- Record Keeping keep record customer's identify and business relationships for 5 years
- Customer Identification procedures for identify customers before start business or transactions
The firms should implement the requirements bases on the level of risk they have identify.