Money Laundering: business compliance

Other | July 1, 2004

byBazley, Stuart, Stuart Bazley

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In the drive to halt funding terrorist activity, control of money laundering activity has risen high on the Government’s agenda. The Money Laundering Regulations 2003 expand the Regulator’s already wide powers. Failure to comply with anti-money laundering provisions prevents businesses functioning properly, carries severe financial penalties and can result in serious criminal sanctions.

The 2003 Regulations require regulated companies to ensure they:
• put in place proper identifying, recording and reporting procedures;
• appoint a Money Laundering Reporting Officer;
• make staff aware of the Regulations and the Proceeds of Crime Act 2002;
and
• provide proper training

Given the severity of the sanctions, it is essential that you are aware of your obligations. Using flowcharts, diagrams, checklists and bullet points, this timely and user-friendly manual shows you how to comply fully and effectively.

Money Laundering: Business Compliance:
• shows you how to spot activities that must be reported;
• alerts you to when and how you must report and to do so within minimum business interruption;
• demonstrates how to ensure compliance with the regulatory framework;
• gives details on correct training procedures;
• tells you how to avoid falling foul of the stringent rules against tipping off; and
• arms you with the knowledge to avoid the pitfalls.

This book is essential reading for MLROs, directors, compliance officers, risk officers, finance directors and accountants, company secretaries and all those within the regulated sector. With its uniquely practical approach and hands-on guidance, it should be he first port of call for all those wanting to understand the regulations and the guidance notes. Bazley and Foster bring experience and inside knowledge of the Regulations and potential pitfalls in practice, and provide simple tips to help companies avoid liability for money laundering.

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From the Publisher

In the drive to halt funding terrorist activity, control of money laundering activity has risen high on the Government’s agenda. The Money Laundering Regulations 2003 expand the Regulator’s already wide powers. Failure to comply with anti-money laundering provisions prevents businesses functioning properly, carries severe financial p...

Caroline Foster qualified as a solicitor in 1987. She worked in private practice for seven years, before joining Hill Samuel Investment Services Group as a legal adviser.

other books by Bazley, Stuart

Money Laundering: business compliance
Money Laundering: business compliance

Paperback|Jul 1 2004

$92.68 online$97.50list price
Format:OtherDimensions:191 pages, 1 × 1 × 1 inPublished:July 1, 2004Publisher:Butterworth-HeinemannLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0080943861

ISBN - 13:9780080943862

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Table of Contents

1. Identifying your client
2. Knowing your client and his business
3. Internal controls
4. Risk assessment and a risk-based approach to anti-money laundering
5. Identifying suspicious transactions
6. Reporting suspicions
7. Obtaining NCIS consent to proceed
8. Awareness and training of staff
9. Producing and annual money laundering report
10. Reputational risk
11. Assess recovery and the practical implications for regulated businesses
12. Investigations