What are anti-money laundering controls?
Anti-money laundering controls are policies and procedures that you must put in place within your business in order to prevent activities related to money laundering and terrorist financing. They include assessing the risks of your business being used by criminals to launder money; verifying customers’ identity; monitoring customers’ transactions and reporting suspicious activity to the Serious Organised Crime Agency (SOCA); keeping the right records; and ensuring you have appropriate internal management controls. You will need to ensure your staff are aware of the Regulations and trained to carry out the necessary anti-money laundering controls.
