As criminals evolve their tactics to undetectably launder money, compliance with AML regulations is essential in order to protect businesses from becoming accomplices to crime.
According to the Annual 2020 assessment by the National Crime Agency (NCA), over £132 million was denied to criminals as a result of defense against money laundering requests during FY 2018/2019.
The power of adherence to the regulations and adequate AML policies and procedures is, therefore, essential in order to continue to combat the flow of illicit funds. Veriphy are leading experts in Anti-money Laundering Regulations and company compliance
Key Legislation, Regulatory Boards and Associations
Policy-making body that sets anti-money laundering international standards and counter-terrorist financing measures and recommendations globally. The FATF also assesses nations on their implementation and effective use of these standards.
The 5th AMLD came into effect January 2020.
The 5th directive requires firms to examine the background and purpose of a wider range of transactions. It proposes, for example, extra EDD measures for business relationships and transactions in relation to high-risk 3rd countries.
The 6th AMLD is to come into effect in June 2021.
Aims to tackle legislative inconsistencies in order to fight money laundering more effectively and cooperatively. The aim is to create a harmonious legal definition of money laundering and its predicate offenses between the member states.
Regulates the UK financial sector, setting standards to combat financial crime such as money laundering and the funding of terrorism. In partnership with the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) to strengthen the UK’s anti-money laundering supervisory regime.
HMRC is a supervisory body for Money Laundering Regulations. You can find a list here of all the supervisory and professional bodies which your firm might have to register with before trading.
Provides assistance and guidance to promote good practices and standards for firms when tackling money laundering. This group’s guidance is backed by the HM Treasury.
Regulations require you to apply risk-based customer due diligence measures to prevent your services and business from being used for money laundering.
Sets out the framework of the criminality of money laundering, detailing the numerous offenses associated with this line of financial crime. It also mandates the need to submit a Suspicious Activity Report to the National Crime Agency if you know or suspect that a person is engaged in, or attempting, money laundering.
To comply with anti-money laundering AML regulations, you will need to:
We help firms build the foundations and implement a successful anti-money laundering program via our Pillars of AML Compliance Initiative.
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