Money Laundering: business compliance

Money Laundering: Business Compliance is a timely and user-friendly manual that shows you how to comply fully and effectively with the Money Laundering Regulations 2003. In the drive to halt funding terrorist activity, control of money laundering activity has risen high on the government’s agenda. The Money Laundering Regulations 2003 expand the regulator’s already wide powers. Failure to comply with anti-money laundering provisions prevents businesses functioning properly, carries severe financial penalties and can result in serious criminal sanctions.

Using flowcharts, diagrams, checklists and bullet points, this book explains how you can spot activities that must be reported. It alerts you to when and how you must report and to do so within minimum business interruption; demonstrates how to ensure compliance with the regulatory framework; gives details on correct training procedures; tells you how to avoid falling foul of the stringent rules against tipping off; and arms you with the knowledge to avoid the pitfalls. With its uniquely practical approach and hands-on guidance, the book should be the first port of call for all those wanting to understand the regulations and the guidance notes.

This book is essential reading for MLROs, directors, compliance officers, risk officers, finance directors and accountants, company secretaries and all those within the regulated sector.

1. Identifying your client
2. Knowing your client and his business
3. Internal controls
4. Risk assessment and a risk-based approach to anti-money laundering
5. Identifying suspicious transactions
6. Reporting suspicions
7. Obtaining NCIS consent to proceed
8. Awareness and training of staff
9. Producing and annual money laundering report
10. Reputational risk
11. Assess recovery and the practical implications for regulated businesses
12. Investigations