info@sapphireconsulting.co.uk             London – 020 305 68855         Cornwall – 01726 247047

ANTI-MONEY LAUNDERING

 

Money laundering means exchanging money or assets that were obtained criminally for money or other assets that are ‘clean’. The clean money or assets don’t have an obvious link with any criminal activity. Money laundering also includes money that’s used to fund terrorism, however it’s obtained.  The regulations apply to a number of different business sectors, including:

  • accountants
  • financial service businesses
  • estate agents
  • solicitors
  • high value dealers
  • trust or company service providers
  • money service businesses
  • bill payment service providers
  • telecommunication, digital and IT payment service providers

Risk Assessment

You must assess the risk of your business being used by criminals to launder money.

Identity Checks

You must check the identity of your customers and check the identity of ‘beneficial owners’ of corporate bodies and partnership.

Monitoring Customers

You must monitor your customers’ business activities and reporting anything suspicious to the National Crime Agency (NCA)

Management Controls

You must make sure that you have the necessary management control systems in place to prevent money-laundering.

Keeping Documents

You must keep all documents that relate to financial transactions, the identity of your customers, risk assessment and management procedures and processes.

Training & Awareness

You must make sure that your employees are aware of the regulations and have had the necessary training.

We can work with you on all elements of your anti-money laundering compliance, from the initial risk assessment to training on the law and its requirements.