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How do you comply with money laundering regulations?

14 June 2016 1359 Views
How do you comply with money laundering regulations?

A fair amount of scaremongering has been going on when it comes to money laundering checks, with the eye-watering fines issued by the now defunct OFT taking centre stage. Look closer and the fines reveal much about the way the regulations are policed, both by the OFT and its regulatory successor, HMRC.

The reasons for the fines suggest that the businesses had made little or no effort to deal with the requirements under the regulations. Critically no illegal funds need to have passed through your business for you to be culpable. It is also important to note that the regulations are almost unique in that there is a legal requirement to train staff and document records.  

  • Failure to keep training records

  • Failure to keep evidence of customer due diligence checks and suspicious activity reports

  • Failure to have written anti-money laundering policies

  • Failure to have documented procedures
     

We are often asked about the best process to deal with money laundering. It is our experience that for the mostpart HMRC are not looking for reasons to fine agents, rather they are looking to support businesses who are genuinely making an effort to comply and put processes and procedures in place.

Online money laundering checks are becoming a standard where the banking, insurance and legal sectors have largely adopted them as a method of undertaking the full array of checks required under the Money Laundering Regulations 2007, including checking the person with whom you are in a business relationship is not on government sanctions lists, and identifying whether they are a politically exposed person.

Compliance in a Box helps you to effectively fulfil your obligations under the regulations, leaving you to focus on the business of selling houses.

The suite of products includes

  • Compliance Pack

  • Online Anti-Money Laundering checks

  • Desktop audit tool

  • Online training & templates

  • Compliance Hotline


We cannot relieve you of your responsibility to comply, we simply make it easy to do so. No set up costs, no contracts, no tie ins. Register today to try Compliance in a Box FREE on your first 3 properties; contact Samantha Peacock today on 01524 220013 or email speacock@etsos.co.uk.

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