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Information on anti-money laundering is provided here. Return regularly to get updates on issues you need to know about.

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AMLCC Newsletter December 2016 Posted on 22/12/2016 By Fiona

Welcome to our Newsletter for December 2016.

It provides valuable information about Anti-Money Laundering and using the AMLCC system.

This month you can find out about the requirements to tailor the AMLCC manual, HMRC's anti-money laundering supervision goes online and also the launch of Treasury's consultation.

AMLCC Newsletter October 2016 Posted on 21/10/2016 By AMLCC

Welcome to our Newsletter for October 2016.

It provides valuable information about Anti-Money Laundering and using the AMLCC system.

This month you can find out about client identification and ongoing monitoring and also reminding you of any clients you may have who might be classed as a High Value Dealer.

You can also get information on upcoming events held at various locations in the UK.

AMLCC Newsletter September 2016 Posted on 21/10/2016 By AMLCC

Welcome to our Newsletter for September 2016.

It provides valuable information about Anti-Money Laundering and using the AMLCC system.

This month you can find out about client risk assessments, how important it is to be Supervised for AML and to also get the chance to view the Fourth Money Laundering Directive open consultation.

You can also get information on upcoming events held at various locations in the UK.

AMLCC Newsletter August 2016 Posted on 21/10/2016 By AMLCC

Welcome to our Newsletter for August 2016.

It provides valuable information about Anti-Money Laundering and using the AMLCC system.

This month you can find out about our AMLCC system upgrades. Also in the news section find about about the new requirement to submit a People with Significant Control (PSC) register to Companies House.

You can also get information on our upcoming events held at various locations in the UK and details on an email scam that is arriving in many inboxes.

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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