This month we are focusing on: Money Laundering
And this week are looking at: Who has to know the Money Laundering Rules? (Directors / Admin / A Driver?)
Money laundering is the process of creating the appearance that large amounts of money obtained from criminal activity, such as drug trafficking or terrorist activity, originated from a legitimate source.
You must meet certain day-to-day responsibilities if your business is covered by the Money Laundering Regulations. These include carrying out ‘customer due diligence’ measures to check that your customers are who they say they are, and risk assessing your business.
You must also put in place internal controls and monitoring systems. The nature of these controls will depend on the size and complexity of your business, including the number of customers you have and the number and type of products and services you provide
Of course people involved with any form of finance such as Accountants have stringent checks in place. But even if you are say a chauffeur or receptionist and hear something that is of concern you should be aware of your reporting requirements.
The offence of failing to report a suspicion of money laundering by another person carries a maximum penalty of 5 years imprisonment and/or a fine.
If you know of a local business that needs help with understanding their responsibilities around money laundering reporting please ask them to contact Avanti (08000) 388 799