Anti Money Laundering Compliance Solicitors
The burden of anti-money laundering compliance has continued to increase and the regulated sector now includes many businesses and professions beyond just financial services.
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The burden of anti-money laundering compliance has continued to increase and the regulated sector now includes many businesses and professions beyond just financial services.
AML compliance helps business uncover suspicious activity associated with criminal acts to try and prevent the movement of money which criminals have illegally obtained entering into the economy.
AML compliance is important to ensure institutions take appropriate measures to protect themselves and the economy against financial crimes.
There are 3 main pieces of legislation:
Mainly financial institutions and professional service providers however retailers, hospitality and real estate are also covered.
Some of these industries are obliged to register on the anti-money laundering register. These include:
Good practice for businesses to prevent AML:
The onus is on business to ensure that customer due diligence is undertaken on every customer who undertakes a financial transaction. By following best practice, businesses need to know their customers, know their transactions and understand where funding for those transactions come from.
Providing a company with an AML audit to understand potential risk areas and suggest preventative measures.
Backed by criminal sanctions and the threat of imprisonment for non-compliance, the regulations are not to be ignored. Enforcement applies whether a breach has been deliberate or through naivety.
Franklins can assist with advice on the requirements of and compliance with money laundering regulations and legislation.
In particular, our service includes all, or part, of the following:
If you have any questions about anti-money laundering compliance, please don’t hesitate to contact our team of experts who are on hand and ready to help you.