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VigilanceMONEY LAUNDERING IS HOW CRIMINALS CHANGE MONEY AND OTHER ASSETS THAT ARE A PROCEED OF CRIME INTO CLEAN MONEY OR ASSETS THAT HAVE NO OBVIOUS LINK TO THEIR CRIMINAL ORIGINS.
The Money Laundering Regulations set out what relevant businesses must do to prevent their services from being used for money laundering or terrorist financing purposes.
The regulations apply to the following businesses when carried out in the UK:
- Estate agents, that is businesses carrying on estate agency work
- Credit institutions
- Financial institutions
- Auditors, insolvency practitioners, external accountants and tax advisors
- Independent legal professionals
- Trust or company service providers
- High-value dealers
- Casinos
To assist criminals in money laundering could place the company and its representatives at risk of criminal and civil proceedings.
The main UK legislation covering anti-money laundering and counter-financing of terrorism is :
- The Proceeds of Crime act 2002
- Terrorism Act 2000
- Money Laundering Regulations 2017
What steps have you taken to ensure that you comply with regulation?
Complying with regulation of this nature is a daunting prospect and for some businesses, such as estate agents, a relatively new requirement.
Peacock Risk Management can provide expert advice and assistance. We understand that you need to meet your regulatory obligations and make a commercial success of your business.
We provide anti-money laundering compliance support to assist you with:
- Registering with the HMRC
- HMRC legislation
- A risk assessment of your business & client base
- Compliant policies;
- Terms of Business
- Client care letters
- Recommendations for carrying out Customer Due Diligence (CDD)
- Electronic checking options
- Storing documents to comply with Data Protection
Peacock Risk Management will help you to navigate through uncertain territory so that you can proceed with confidence.