Regulated firms must comply with The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
Regulated firms should implement and maintain effective, risk-based systems and controls to mitigate money laundering risk.
We advise clients on anti-money laundering ('AML') risk and control framework requirements and MLR2017 compliance.
Non-compliance with MLR2017 can lead to regulatory sanction, enforcement action or criminal prosecution.
Requirements include coverage of Customer Due Diligence, reporting money laundering suspicion and record keeping arrangements.
We assist clients to comply with regulatory expectations for AML (e.g. per FCA Handbook - SYSC 6.3 Financial crime).
Firms can find themselves subject of a s166 review initiated by the FCA, or having to conduct remedial activity following a regulatory review.
Penalties, diversion of senior management time and business impact can be severe, involving on-going monitoring in egregious cases.
Our team includes previous Money Laundering Reporting Officers ('MLROs') and Heads' of Financial Crime.
FCRM assists clients to identify and assess AML and financial sanctions risk in internal business process and in the operating environment. We support clients with out-source risk management and oversight. We provide independence, objectivity and experience when responding to AML and financial sanctions issues.