Anti-money laundering requirements
As a regulated business, you must ensure that your firm has adequate policies and procedures in place, including, systems and controls that enable you to identify, assess, monitor and manage money laundering risk; and are comprehensive and proportionate to the nature, scale and complexity of your business activities.
A money laundering risk is the risk that a firm may be used to further money laundering. As a regulated firm, you will be required to carry out a regular assessment of the adequacy of your systems and controls to ensure that they continue to be effective.
In identifying your firm’s money laundering risks and in establishing the nature of your systems and controls, you should consider the following:
a. your customer, product and activity profiles;
b. your distribution channels;
c. the complexity and volume of your transactions;
d. your processes and systems; and
e. your operating environment.
You will be required to allocate responsibility to a director or senior manager to establish and maintain effective anti-money laundering systems and controls. Unless you are a sole trader who has no employees, you will be required to appoint someone as your MLRO or money laundering reporting officer. This person will have responsibility for oversight of your compliance with the FCA's rules on systems and controls against money laundering. Furthermore, you must ensure that your MLRO has a level of authority and independence within the firm and access to resources and information sufficient to enable him or her to carry out that responsibility.
Buckingham Capital Consulting is a leading international consulting firm, specialising in payment services, electronic money, banking and investment services. We are able to advise you on the best course of action and strategy based upon your business plan and financial product or service. We can help you with licencing, compliance, operational setup and related services, including, obtaining banking facilities.
Call us today on 02078662512 or 442078662512 if you are calling from abroad. You can send an email to firstname.lastname@example.org to arrange a telephone call or to discuss your requirements and plan. We are also able to arrange calls or conference calls using Skype. Our Skype ID is BCC54321. If you wish, we can arrange a meeting at one of our offices.
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