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Latest news and case studies

Here we provide useful information on anti-money laundering. Return regularly to get updates on issues you need to know about.

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Jailed drug dealer in £1million payback Posted on 19/03/2019 By AMLCC

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OFBAS’ first-year report: could do better Posted on 19/03/2019 By AMLCC

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One in 10 accountants not carrying out required due diligence on beneficial owners Posted on 19/03/2019 By AMLCC

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Move to make Channel Islands more transparent shelved Posted on 19/03/2019 By AMLCC

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Estate agents targeted in money laundering crackdown Posted on 08/03/2019 By AMLCC

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Foreign students’ bank accounts frozen Posted on 08/03/2019 By AML

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Tackling Economic Crime Awards (TECAs) launched Posted on 08/03/2019 By AMLCC

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NCA seizes property linked to paramilitary group Posted on 01/03/2019 By AMLCC

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Overseas territories and the money laundering threat Posted on 01/03/2019 By AMLCC

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Brussels’ dirty money blacklist triggers US backlash Posted on 01/03/2019 By AMLCC

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Prolific money launderer caught after auction house fraud attempt Posted on 01/03/2019 By AMLCC

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Brexit ‘could make the UK the money laundering capital of the world’ Posted on 19/02/2019 By AMLCC

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AAT clamping down on rogue accountants Posted on 19/02/2019 By AMLCC

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Danske Bank’s profit slump in fall-out from money laundering scandal Posted on 19/02/2019 By AMLCC

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EU Council backs action plan for enhanced monitoring of banks Posted on 19/02/2019 By AMLCC

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Private schools angered by money laundering claims Posted on 19/02/2019 By AMLCC

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Cash for crash Posted on 19/02/2019 By AMLCC

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Government money to tackle organised crime ‘insufficient’ Posted on 19/02/2019 By AMLCC

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Goldman Sachs bankers charged with money laundering offences Posted on 19/02/2019 By AMLCC

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AML and the technological revolution Posted on 19/02/2019 By AMLCC

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UK a ‘world leader’ in fight against financial crime Posted on 19/02/2019 By AMLCC

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EU anti-money laundering action plan a step closer Posted on 19/02/2019 By AMLCC

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Campaign to prevent properties being bought with laundered money Posted on 19/02/2019 By AMLCC

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ACCA backs the Posted on 19/02/2019 By AMLCC

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Law Society of Scotland 'must better train solicitors to spot money laundering' Posted on 19/02/2019 By AMLCC

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Anti-Money Laundering Compliance Posted on 11/12/2015 By AMLCC

In order to comply with the Money Laundering Regulations you must:

1. Appoint a Money Laundering Reporting Officer (MLRO).
2. Provide a statement and manual.
3. Provide appropriate training for the MLRO and other staff.
4. Verify clients’ identity.
5. Assess the risk of your clients being involved in fraudulent activity.
6. File reports with the National Crime Agency (NCA).
7. Keep records of all the above.
8. Ensure you are supervised.

Our AMLCC system allows you to provide and monitor your compliance with money laundering regulations.

You must now perform Customer Due Diligence (CDD) on your clients Posted on 11/12/2015 By AMLCC

The previous requirement for you to 'Know Your Client' (KYC) has been replaced by Customer Due Diligence (CDD). KYC meant checking your clients identity using documents such as a current passport and/or driving licence. Also a current utility bill (issued in the last 3 months) was used to check your client's address. These methods are still applicable, but CDD means that additional steps are required for you to be compliant :-

1. Risk assess your clients depending on your service provision and what your client is requesting.
2. Identify 'High Risk' Clients and keep a list of them.
3. Identify sources of funding and cash
4. Have detailed knowledge of how your client's business operates.

The AMLCC system provides a compliant approach to CDD by providing :-

1. Electronic verification.
2. Risk Assessment.
3. Identification, listing and monitoring of High Risk clients

Using AMLCC will help you with your CDD responsibilities.

Why use Electronic Verification? Posted on 11/12/2015 By AMLCC

You have to provide Customer Due Diligence (CDD) as part of your compliance with Money Laundering Regulations. This is discussed in my previous blog. CDD has to be risk-based. In other words you need to determine if your client is at a higher risk of money laundering and take appropriate measures. One of these measure is to carryout enhanced CDD which includes client verification. Electronic verification is approved by HM treasury. This method of client verification is recommended for high risk clients and indeed is a better method of client verification for all your clients, rather than relying on paper documents.

AMLCC provide an electronic verification service for your clients, against approved databases, at a small extra cost.

What about Reporting? Posted on 11/12/2015 By AMLCC

You are under an obligation as part of your compliance with Money Laundering Regulations to report knowledge or suspicions of money laundering. There are penalties including a possible custodial sentence for not doing so. Your staff must be able to report to the MLRO (internal reporting). Consequently the MLRO must also, if this is required, report to the National Crime Agency (NCA), external reporting. The MLRO should use their knowledge, experience and consideration of the circumstances to determine if reporting to the NCA is required. Any decision not to report should be clearly documented. This responsibility of the role of MLRO is why the person appointed to it must have the confidence of their colleagues and be a senior member of the firm, with wide experience.

AMLCC provide both internal reporting by staff to your MLRO and facilitate external reporting to the National Crime Agency (NCA)

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