Anti-Money Laundering

The Financial Conduct Authority’s (FCA’s) predecessor streamlined its rules by removing the Money Laundering sourcebook and replacing it with the principle based rules found in the Senior Management Arrangements, Systems and Controls sourcebook (SYSC). These rules came into effect on the 31st August 2006 and details the controls that firms must have in place to prevent financial crime and money laundering. The emphasis of which has been put onto the senior managers to put in place suitable controls.

All staff working in the financial industry, regardless of their actual position, has a statutory duty to be aware of the need to prevent money laundering. Although the FCA continues to not impose specific rules on firms advising on mortgages and non-investment insurance in respect of money laundering, as a regulated firm it is important that systems and controls are maintained to prevent business in these areas being used for financial crime. Firms also have an explicit legal requirement under the terms of the Proceeds of Crime Act 2002 to maintain vigilance in respect of any evidence that a transaction is associated in any way with the proceeds of criminal activity.

This manual and supporting documents is specifically for those who advise and/or arrange Insurance. All staff working in the insurance industry, regardless of their actual position, has a statutory duty to be aware of the need to prevent money laundering.  This manual helps individuals understanding of money laundering and identifying risks.  It also details how to report a suspicion and includes a Suspicion Report that the firm can use to record any identified.

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This manual and supporting documents is specifically for those Mortgage and/or Equity Release Brokers. All staff working in the industry, regardless of their actual position, has a statutory duty to be aware of the need to prevent money laundering.  This manual helps individuals understanding of money laundering and identifying risks.  It also details how to report a suspicion and includes a Suspicion Report that the firm can use to record any identified.

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It is a firm’s responsibility to ensure that its customers are not on the HMT list.  Therefore we produced a manual to provide guidance on HM Sanctions, what is required of the firm and how to make a report if a customer’s name is on the list.

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All regulated firms need to protect customer data and their firm from being used for financial crime.  This manual establishes how a firm should be vigilant and details procedures on what it should have in place as a key preventative measure in the fight against fraud, theft and corruption.

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This policy sets out a firms legal obligations of the Act by providing guidelines and procedures that staff should follow.

You can purchase now or join our member’s club and gain access to all our documents, manuals, policies and templates.

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