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Step-by-step Guide

What are my firm's responsibilities to comply with Anti-Money Laundering (AML) regulations ?

Article ID: 2962
Last updated: 12 Jun, 2019

 To comply with AML regulations and document evidence of compliance, you will need to:

  • appoint an MLRO (Money Laundering Reporting Officer), and stipulate clear reporting procedures to the MLRO

  • perform a firm-wide risk assessment and keep it updated

  • perform a risk assessment on each client and keep them updated

  • carry out due diligence and ongoing monitoring of all clients

  • maintain clear, up-to-date records

  • ensure that relevant staff and senior managers are trained

  • keep clear anti-money laundering compliance policies and procedures

  • report all appropriate matters to the National Crime Agency (NCA)

  • monitor and amend routinely, when circumstances dictate.

You can find guidance from the government at AML Guidance for Accounting Sector

Article ID: 2962
Last updated: 12 Jun, 2019
Revision: 8
Views: 444
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