Businesses regulated under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (Money Laundering Regulations (MLRs)) are required to register with various supervisory authorities and implement appropriate measures to prevent money laundering and terrorist financing.
Currently, more than 100,000 businesses in the UK fall under the scope of the MLRs, which apply to companies operating in a range of sectors, including:
- Accountants, tax advisers, auditors, and insolvency practitioners.
- Trust and Company Service Providers (TCSPs).
- Estate agency businesses.
- Letting agents.
- Financial and credit businesses.
- Independent legal professionals.
- Casinos.
- High-value dealers (handling cash payments for goods of 10,000 euros or more).
- Art market participants.
AML for Regulated Businesses
Businesses are responsible for adopting and implementing an effective anti-money laundering (AML) programme that demonstrates compliance with their obligations.
Failure to comply has serious repercussions. Not only does it risk their business being used for money laundering and illegal activity, but non-compliance with MLRs and AML policies can lead to substantial fines, legal action and reputational damage.
It may be understandable to some that a company’s AML programme comes second to its main businesses function, and that it is sometimes easy for a busy business to overlook its AML responsibilities or not give it the time or attention it deserves.
However, ignorance, forgetfulness, or unawareness is no excuse, and sanctions for violations are the same.
For this reason, many regulated businesses prefer to outsource their AML commitments to an external compliance specialist, which provides valuable peace of mind and ensures they remain on top of their compliance responsibilities.
At Regulation and Compliance Office (RACO), we help regulated businesses with their AML compliance and other regulatory requirements by implementing efficient policies, procedures, consultancy, and training.
AML Compliance Services
RACO offers bespoke and tailored compliance solutions across a wide range of sectors, including:
If you are a regulated business and need advice or assistance on your compliance obligations, speak to our team today.
To discuss our services in more detail, contact us at 0203 985 8550, email us at info@regulationandcomplianceoffice.co.uk or complete an enquiry form.
AML Training London
Our team of compliance experts in London provide essential training to compliance officers and staff at all levels at businesses in the surrounding area and across the UK.
Our training focuses on:
- AML Regulations.
- Defining Money Laundering.
- Identifying Potential AML Issues.
- Correct Action to Take When AML Becomes a Concern.
- A Business’s requirements.
- The Policies and Procedures Needed to Comply with AML Regulations.
- The Regulations and How they Affect your Business.
- How the Regulations Affect Individual Staff.
- Criminal Tactics Used to Launder Money.
- Overview of the Business Policies.
- Recording and Reporting of AML issues.
- When and How to Report to the National Crime Agency (NCA).
- What to Do if there has been Contact with Someone Suspected to be Laundering Money.
Compliance Services for Businesses London
At the Regulation & Compliance Office (RACO), we help accountants, solicitors, estate agents and other regulated businesses undertake a review of their policies, controls, and procedures to ensure that they are compliant with AML regulations and, therefore, avoid any breaches.
A review of this nature provides valuable insight into a business when performed correctly. Along with an overview of risk, these crucial assessments also highlight issues within the business, so it is essential to undertake a proper review. All of a company’s building blocks must be considered, including its staff, clients, operations, and finances.
By working with RACO, a business can be assured that we will bring the required level of knowledge and expertise needed to perform the review, which adds value to the business and is not simply a box-ticking exercise. Our team can also provide a full range of services that include:
- Consultancy.
- Compliance Policies.
- Training.
- Handbooks.
- Auditing.
Our services focus on businesses’ anti-money laundering and regulatory requirements through the implementation of effective policies, procedures, training, and consultancy. We also provide continued monitoring of staff and ongoing training to ensure that everyone within a business is aware of the latest requirements and complies with their responsibilities.
We offer a full range of services focused on ensuring businesses across all regulated sectors create, maintain and evidence their compliance with the requirements of their regulators and legislation. We work with businesses of all sizes, from the smaller high street or niche businesses to the large multi-office and multinationals.
Get In Touch
We adopt a sensible and pragmatic approach to fees, ensuring we are competitive and always add value. As necessary, we will agree on packaged services to control cost and enable clients to spread payments to alleviate cash flow, yet ensure services are provided when needed.
If you want to discuss our services in more detail, contact us at 0203 985 8550, email us at info@regulationandcomplianceoffice.co.uk or complete an enquiry form.
