What Anti Money Laundering Policies and Procedures are Required?
Your business should establish and maintain policies and procedures relating to: • customer due diligence • reporting • record keeping • internal control • risk assessment and management • the monitoring and management of compliance • the internal communication of these policies and procedures Customer due diligence (CDD) HVDs must establish the identity of any customer who makes a total cash payment equivalent to 15,000 or more for a single transaction or linked transactions. Establishing identity requires you to be satisfied that your customer is who they claim to be by obtaining evidence of their name, address and date of birth. For further information on CDD procedures please refer to the Money Laundering and Proceeds of Crime factsheet. Appoint a Money Laundering Nominated Officer (MLNO) This is a very important role within a HVD business and should be performed by a suitably senior person. The main roles of the MLNO should be to: • establish the necessary procedures to implement
Related Questions
- Our new firm is preparing its policies and procedures in accordance with the Money Laundering Regulations 2007. Does the Law Society produce any sample/precedent client care letters?
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- What Anti Money Laundering Policies and Procedures are Required?
