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Money Laundering: business compliance
Elsevier Science and Technology, July 2004, Pages: 191
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;
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.
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
Stuart Bazley is the Managing Director of Compliance Services at the Momenta Group.. . Stuart is a Barrister and holds a Masters degree in Banking and Securities Law. He has worked in the Financial Services Industry for over 20 years, including five years as Head of Compliance and UK General Counsel for Edward Jones Ltd, one of the largest US private client stockbrokers. Stuart has considerable experience of a wide range of regulatory matters, including conduct of business rules, economic crime, money laundering and enforcement actions. . . Stuart has worked closely with APCIMS (the trade association for private client stockbrokers an fund managers) on their regulatory committee and money laundering advisory group.. . Lecturing extensively on Financial Services regulation in the UK and abroad, he is co-author of 'Risk Based Compliance', published by Butterworths
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.. Since October 1999, she has been with private client broker/dealer Edward Jones Limited where she is Compliance Solicitor, Deputy Legal Counsel, and Deputy MLRO. She is a Member of the Securities Institute, and sits on the Regulatory Committee of the Association of Private Client Investment Managers and Stockbrokers.. . Caroline has written and presented seminars on money laundering, and is the author of the money laundering module of the Postgraduate Diploma on Financial Services Law offered by London Metropolitan University and Informa Distance Learning.. . Caroline was a member of the Interdiction of Terrorist Property Working Group which reported on the Legal Implications of the Financial War on Terror in July 2002. In addition to 'Money Laundering: Business Compliance', Caroline is also working on a new book about 'Know Your Customer' law and regulation.