Efforts to combat money laundering concentrate on the point in the process where the launderer is most vulnerable to detection. The easiest detection stage is ‘Placement’ and it’s where regulation places the greatest focus. The main statutory requirements are set out in the Money Laundering Regulations and they make it a criminal offence for regulated businesses not to have in place formal procedures to combat money laundering.
Key learning objectives:
Understanding the UK ant-money laundering regime
What are the requirements under the Money Laundering Regulation 2017?
Overview and guidance in relation to Customer due diligence and record keeping