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Money Laundering made tolerable

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About Money Laundering

The steps we have to take to deal with money laundering may be something of a chore, but are necessary. The fight to combat money laundering is an important one, which is the reason so much stringent regulation has been used for it. Compliance with that regulation is a necessity, not least because of the potential penalties of failing to do so - criminal conviction, with a substantial fine and/or a custodial sentence!

The relevant legislation and regulations are very broadly drafted, to spread the net as widely as possible. This means that many areas which may have nothing to do with money laundering, in the conventional sense, such as tax evasion or regulatory failure, come within their scope, requiring us to make records and reports.

The outline requirements are
  • to have knowledge and awareness of money laundering issues throughout the firm
  • to have partners and staff trained and retrained regularly
  • to have a Money Laundering Reporting Officer (MLRO), with the appropriate level of knowledge and training
  • to have written procedures in place (and followed)
  • to obtain identification as required for new clients and others
  • to keep records of identity checks for the required length of time
  • to report suspected money laundering activity to the MLRO
  • for the MLRO to forward the report to the Serious Organised Crime Agency (SOCA) if necessary
  • to keep records of such reports (or non-reports)
  • to maintain a constant vigilance for signs of money laundering activity

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How we can help

We have wide experience of operating compliant systems in practice and can offer clients a whole range of strategies, tips, procedures, training ideas, reference sources and technology.

From practical training programmes to smart forms, from ID checks to liaison with SOCA, make MLR work better for you by allowing us to work for you!

We find that most clients are stronger in some areas and weaker in others. Many are simply unaware of straightforward changes which can be made to procedures to save time and trouble across the firm and beyond.

We can conduct a brief and inexpensive review of your existing arrangements and make recommendations for you.

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Contact Uncommon Solutions

We shall be delighted to work with you in this area. Please contact us to book an appointment or to discuss further.

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