AML policy documents
As well as having robust processes and measures in place to prevent money laundering from occurring, to ensure full compliance with the Money Laundering Regulations 2017, firms also need to create an AML policy document.
The aim of this document is to evidence your anti-money laundering policy, and the measures and controls you have in place to prevent it from happening. It provides a solid framework for how your firm will deal with the threat of money laundering, and as such, is a critical document for your employees to have access to.
How we can help
Knowing where to start with an AML policy document can be confusing, but we can help. We offer an AML policy document creation service, meaning we will put together a policy that’s tailormade for your organisation and specific to your sector. This will include:
- A definition of money laundering
- The duties outlined under the Money Laundering Regulations 2017 (amended in 2019)
- Details regarding customer due diligence
- Assessment of risk to your organisation
- The names of relevant individuals and their AML responsibilities—including a Nominated Officer
- Details of how you’ll monitor and control risk
- Details of how you will keep records
- A commitment to training employees so they’re aware of their responsibilities
- Any disclosures of suspicious activity
- Suspicious activity internal report form
- A list of documents which will be accepted for client identification