Compliance Money Laundering Anti-Money Laundering
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| Major changes |
The restructuring of the regulatory regime has been public news since before the election and it is now clear that the two major regulators, Prudential Regulatory Authority (PRA) and the Financial Conduct Authority (FCA) will operate a very different regulatory regime from their predecessor, the FSA. |
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| Culture |
What is FSA doing about culture and what should firms do to prepare themselves? |
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Contact Details
IFAct Services Limited,
Connect House,
Kingston Road,
Leatherhead,
Surrey,
KT22 7LT.
Tel: +44 (0)8456 121 211
Fax: +44 (0)1372 365036
E-mail: admin@ifact.co.uk
Newsletter
Anti-Money Laundering
Money laundering legislation in the UK is governed by three Acts of primary legislation:-
* The Terrorism Act 2000
* The Anti-Terrorist Crime & Security Act 2001
* The Proceeds of Crime Act 2002
Professional guidance (which is submitted to and approved by the UK Treasury) is provided by industry groups including the Joint Money Laundering Steering Group. and the Law Society
The UK legislation was relaxed slightly in 2005 to allow banks and financial institutions to proceed with low value transactions involving suspected criminal property without requiring specific consent for every transaction, but the reporting of all transactions is still required.
The credit crunch and market turmoil has increased the need for anti money laundering training (AML) and compliance with Money Laundering law requires compliance risk management and the subsequent compliance audit.
Most readers will have read that financial crime is on the increase and all authorised firms need to review their Money Laundering policy to enable the Money Laundering Reporting Officer to complete the Compliance Report for the FSA via the firm’s Compliance Officer.