AML Regulations UK – AML Review Requirements


INSIGHT
Published
Feb 24th '23
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This is why you need to review your UK Anti-Money Laundering (AML) Policy & Procedures.

 

Don’t get caught out by a regulatory visit under the AML Regulations UK to make sure that your AML policy, risk assessment and anti money laundering procedures are doing what they are supposed to do. Changes of staff, items forgot to be handed over, out of date AML policies and procedures manual and a long forgotten checklist that NEVER gets completed or updated, will land you in hot water.

 

For a fraction of the cost of a fine or management time wasted during regulatory scrutiny, we can review, revise, recommend and embed the right procedures, update the governance and provide an effective risk assessment. AML Regulations UK are also known as the Money Laundering Regulations (MLRs).

 

You need a robust AML and Risk Framework to demonstrate SMCR reasonable STEPSCheck out our MLRO Report template HERE!

 

If you have AML or KYC/KYB needs, please contact us.

 

How we can help

At LS Consultancy, our consultants are industry experts that interpret the rules, regulations and spirit of the industry guidelines by assisting you “the client” in implementing a compliance programme that you can be confident is mitigating the risk of financial crime. What we can do:

 

  • We analyse the relevant jurisdictions legislation, regulation and industry guidance to ensure that your controls adopt the highest standard possible
  • Analyse and/ or Enhance your Business Wide Risk Assessment to ensure we consider money laundering and relevant predicate crimes
  • Assessment of your Customer Onboarding and/ or Periodic KYC reviews rely on independent documentation and supported by credible information from your customer – as this is key to your compliance programme.
  • Robust Transaction Monitoring and Screening whilst utilising your up-to-date KYC documentation/ information are fundamental.
  • Greater emphasis on training – why not go through live examples with your RM’s, Operational Teams and Compliance – discuss the areas of concern and come up with compliant solutions.
  • Ensuring your Compliance Monitoring Programme is conducted on a regular basis
  • Engagement with senior management through relevant committees

 

For further information please contact us where our industry experts will be happy to answer your questions.

 

 

Explore our full range today.

 

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