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THE 2007 MONEY LAUNDERING REGULATIONS AFFECTS ALL PRACTITIONERS AND STAFF

The law now expects you to be able to identify suspicious activity to the level of a ‘reasonable person’ and make the appropriate report to law enforcement and places a personal criminal liability on you if you fail to do so.  The 2007 regulations impose further criminal offences for failure to:

• Know Your Client
• Adopt a risk based approach
• Apply enhanced customer due diligence for those cases that pose a higher risk
• Have internal systems for reporting, regular staff training and record keeping
• Register for compliance monitoring

The impact on your business could therefore be:

• Loss of your professional and personal reputation
• Loss of your fee income
• Ultimately the loss of your liberty

The ML Regulations 2007 are here.  We have an obligation under law to follow them and demonstrate to a supervisor that we have done so.

 If you are the MLRO, the personal liability is on you to ensure that your staff understand fully their obligations under the Regulations and how to spot ‘suspicious’ activity, then being able to demonstrate this to a monitoring body.  Just simply taking a copy of a couple of identification documents is now not an option in a large percentage of cases. In fact, this minimalist approach to the regulations could leave many open to legal proceedings. 

Read more:  ML Regulations 2007 

We have a complete range of services to fulfill your AML compliance obligations:

Money Laundering Compliance Limited is a member of Business Tax Centre Group of companies. A professional firm that provides, together with the DTE Group, a complete range of business support services to the professionals in practice.  The company is run by qualified personnel in Accountancy, Business, Law and Money Laundering Compliance.  For instance the company’s MD, Steve O’Neill, is a company specialist who trained as an Accountant and used to own a successful accountancy practice which he sold a few years ago.  He then gained his Diploma in Money Laundering and Compliance from the International Compliance Association, and presently he is going for his next diploma in Financial Crime Prevention. 

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