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Money
Laundering Regulations 2003
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The Money
Laundering Regulations 2003 came into force on 1st March 2004.
This legislation now applies to a wider range of industries and,
for the first time, high value goods dealers accepting any type
of payments of £10,000 (Euro 15,000), or more.
This link goes to the UK Government Office
of Public Sector Information web site for the Statutory
Instruments document 2003 No. 3075, FINANCIAL SERVICES, which
are The Money Laundering Regulations 2003 |
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The
Law Society Guidance for Solicitors on Money Laundering
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Solicitors
This is essential reading for Money Laundering
Reporting Officers in law firms, and supersedes various previously
issued guidance.
On the 3rd February 2006, the Law Society
published the first issue of their Gatekeeper Anti
Money Laundering E-Newsletter, which aims to update the profession
on anti-money laundering issues that may affect them.
Use the following link where you can subscribe
to receive the newsletter:-
GATEKEEPER:
Anti Money Laundering Newsletter
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The
Royal Institute of Chartered Surveyors Money Laundering guidance
for Estate Agents |
Estate
Agents
RICS has produced three
guidance publications to assist members prepare for the new Regulations.
There is a general guide for all those
who will be affected by the Money Laundering Regulations, namely,
estate agents and those who deal in cash for
goods of €15 000 or more (about £10,000). The information
in this guidance may also be used by other groups of members affected
by the Regulations.
A guide has also been produced with detailed
information on suspicion and reporting your suspicions to the
appropriate authority. |
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The
Financial Services Authority money laundering guidance for IFAs |
Independent
Financial Advisors
The Financial Services Authority
(FSA) has found that some firms in the financial services
industry will need to do more to meet their obligations to prevent
and detect money laundering. The FSA also identifies areas potentially
at high risk of money laundering where the FSA will be focusing
its attention.
The FSA's Financial Crime Sector
Team has developed a comprehensive and wide-ranging web-based
training programme on fraud and money laundering. This is aimed
at firms, their staff, and financial crime and compliance specialists.
It provides a thorough understanding of money laundering and fraud.
Purpose
By the end of the programme, users should
have an understanding of:
* the FSA’s role in the fight against
financial crime and risk-based approach;
* the impact of fraud and money laundering on financial services
and economies as a whole;
* new legislation (update to the programme as legislation is made);
* individuals' and firms' responsibilities in relation to fraud
and money laundering; and
* who the key players are.
Who is it for?
Relevant for all authorised firms and financial
crime professionals. |
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Her
Majesty's Customs & Excise money laundering guidance for Car
Dealerships |
High
Value Dealers such as Car Dealerships
Money Service Businesses
such as Bureaux de Change
The 2003 Money Laundering Regulations apply
to most businesses in the financial sector, and the Money Laundering
Regulation (MLR) regime is designed to help ensure that those
businesses which HM Customs supervise have systems in place to
prevent money laundering and to report suspicious transactions.
HM Customs are responsible for
supervising:
* Money Service Businesses or
MSBs - these are bureaux de change, money transmitters
and third party cheque cashers and
* High Value Dealers or HVDs
- these are businesses that deal in goods and accept (or are prepared
to accept) in cash the equivalent of €15,000 or more (approximately
£10,000) for any single transaction.
If you are an MSB or HVD you need
to:
* register with H.M.C. & E.
* pay an annual fee based on the number of premises through which
you trade
* report changes during the registration year and
* put anti money laundering systems in place so that you can identify
and prevent money laundering and report any suspicious transactions.
Registration packs
You can get a registration pack by telephoning
the National Advice Service on 0845 010 9000. There are separate
packs for MSBs and for HVDs, and each includes:
* Registration Notice
* Anti Money Laundering Guide
* Form MLR100
* Form MLR102
* A video about registration and anti money laundering systems,
and
* A reply paid envelope for your application
Anti money laundering systems
The purpose of these systems is to enable
you to identify and prevent money laundering and to report suspicious
transactions to the Serious Organised Crime Agency
(SOCA). These systems will help you to defend yourself against
money launderers and against charges of money laundering. You
should read the anti money laundering information notice, which
explains these systems.
You will find full details regarding the
above information on the HMC&E web site by clicking here.
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The
Royal Institute of Chartered Surveyors Money Laundering guidance
for Auctioneers |
Auctioneers
RICS has produced three
guidance publications to assist members prepare for the new Regulations.
There is a general guide for all those
who will be affected by the Money Laundering Regulations, namely,
those who deal in cash for goods of €15 000 or more (about
£10 000). Specific guidance has also been prepared for real
estate auctioneers which contains information
on identifying clients as well as a schedule of documentation
which is acceptable for identifying clients. The information in
this guidance may also be used by other groups of members affected
by the Regulations.
A guide has also been produced with detailed
information on suspicion and reporting your suspicions to the
appropriate authority. |
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MHA
Group |
MHA
Group
MHA are a specialist training and consulting
firm working across all sectors covered by the UK money laundering
regulations and with organisations affected by financial crime
internationally.
What they offer:-
MHA specialises in anti-money laundering, financial fraud and
compliance services. Activities in these areas fall into three
categories.
- Consulting - bespoke consulting with
an emphasis on practical solutions
- Training - classroom, e-learning videos
and video streamed solutions
- Resources - publications and online
resources for MLROs and those tasked with countering fraud
MHA is well known for creating the most
appropriate compliant, cost-effective solutions available and
because their consultants have all held senior in-house roles,
they take into account the practical, day-to-day business needs
of clients. |
| Bank
of England
Consolidated Sanctions List |
Financial Sanctions
The Financial Sanctions Unit of
the Bank of England acts as HM Treasury’s agent for the
purpose of administering financial sanctions in the United Kingdom.
Click here
for an index to all material relevant to the Bank of England’s
work in the area of financial sanctions, where the consolidated
list of targets listed by the United Nations, European
Union and United Kingdom under legislation relating to current
financial sanctions regimes is also available in various formats.
OPSIS
AML Custodian software performs
automatic checks against the Bank of England Consolidated Sanctions
List.
What are sanctions?
Sanctions are normally used by the international
community for one or more of the following reasons:
* To encourage a change in the behaviour
of a target country or regime.
* To apply pressure on a target country or regime to comply with
set objectives.
* As an enforcement tool when international peace and security
has been threatened and diplomatic efforts have failed.
* To prevent and suppress the financing of terrorists and terrorist
acts.
What does the Financial Sanctions
Unit do?
The Financial Sanctions Unit deals with
all aspects of financial sanctions, including:
* Issuing notices advising of the introduction,
amendment, suspension or lifting of financial sanctions regimes
with a view to making bodies and individuals likely to be affected
by financial sanctions aware of their obligations;
* Publishing a consolidated list of financial sanctions
targets listed by the United Nations, the European Union and the
UK;
* Processing applications for licences to release frozen funds
or to make funds available to a listed person;
* Responding to queries from financial institutions, companies
and members of the public concerning the implementation of financial
sanctions.
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| SOCA
Serious Organised Crime Agency |
What is SOCA?
The functions of SOCA
are:
* to gather, store and analyse information
in order to provide criminal intelligence
* to provide criminal intelligence to police forces in Great Britain,
the Police Service of Northern Ireland, the National Crime Squad
and other law enforcement agencies
* to act in support of such police forces carrying out their criminal
intelligence activities
Dealing with Suspicions
The Money Laundering Regulations require
that any suspicions are reported to the MLRO.
OPSIS
AML Custodian includes a simple and easy to
use procedure to raise a suspicion. and
automatically forwards any suspicions by email to the MLRO and
immediately marks the client as being "under suspicion".
With access to all sales activity, client information, etc. the
MLRO can then decide whether to make a formal Report to SOCA.
SOCA guidance in relation
to disclosures, (PoCA 2002 Part 7) provides a summary of key money
laundering provisions and clarification of processes and protocols
adopted by SOCA in these matters. SOCA's
preferred method is for reporters to submit a disclosure on the
Standard Disclosure Report Form OR a Limited Intelligence Value
Report Form. |
The Institute
of Money Laundering Prevention Officers |
The
Institute of Money Laundering Prevention Officers
The Institute
of Money Laundering Prevention Officers (IMLPO) is the organisation
for the UK’s anti-money laundering community. It is a broad,
cross-representative forum of anti-money laundering practitioners
who - in a safe environment - share views, experiences and opinions
of the day-to-day business of combating money laundering.
Click here
to download the IMLPO promotional flier (218Kb, PDF format)
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I.M.L.I.B. |
International
Money Laundering Information Bureau
The UK's leading authority on Financial
Crime, this site provides a very useful introduction to the problems
and issues surrounding money laundering crime, including sections
on History, the Origins of Money Laundering, Definitions of Money
Laundering, how widespread it is, the 3 Stages involved: Placement/Layering/Integration,
how the Stages are achieved, Methods and Techniques used by money
launderers, how money laundering can be prevented, how financial
institutions are affected, which businesses and areas are targetted,
UK Legislation, the 5 basic ML offences, International Initiatives
to prevent the crime, and Recommendations for strengthening the
fight against money laundering.
Click here for the International
Money Laundering Information Bureau web site.
As a non-profit making organisation, the
International Money Laundering Information Bureau aims
to provide an online resource for organisations or businesses
that are potential victims of Money Laundering crimes.
"With the increase in financial
traffic through the internet, now is the time to take steps
towards protecting your company financially."
Sean Wood.
Treasurer, International Money Laundering Information Bureau
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United
Nations Office on Drugs and Crime |
Global Programme against
Money Laundering
By working to combat money laundering,
the United Nations makes a crucial contribution to the fight against
organized crime. The Global
Programme against Money Laundering (GPML) is the
key instrument of the United Nations Office on Drugs and
Crime in this task. Through GPML, the
United Nations helps Member States to introduce legislation against
money laundering and to develop and maintain the mechanisms that
combat this crime. The programme encourages anti-money laundering
policy development, monitors and analyses the problems and responses,
raises public awareness about money laundering, and acts as a
coordinator of joint anti-money laundering initiatives by the
United Nations with other international organizations. |
IMoLIN |
International Money Laundering
Information Network
In 1996, the leading international organizations
involved in the fight against money laundering agreed to produce
a common Internet web site through which information could be
shared among national and international anti-money laundering
agencies. IMoLIN,
the International Money Laundering Information Network, was the
outcome of this agreement.
This multi-faceted web site serves the
global anti-money laundering community by providing information
about national money laundering laws and regulations and contacts
for inter-country assistance. Policy practitioners, lawyers and
law enforcement officers all regularly use IMoLIN
as a key reference point in their daily work. The information
on IMoLIN is freely available to all Internet
users, with the exception of the Anti-Money Laundering
International Database (AMLID), which is a secure database.
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Association
of Certified Anti-Money Laundering Specialists |
ACAMS
The Association
of Certified Anti-Money Laundering Specialists, Inc., is an
international membership organization with more than 3000 members
in 99 countries that provides a platform for career development
and networking opportunities for professionals in the anti-money
laundering field around the world. Its members work in a variety
of industries, ranging from banking and insurance to law enforcement
and securities, but they all have a common goal: stopping money
laundering and combating terrorist financing.
ACAMS objective is to
help them achieve this goal through cutting-edge education, certification,
and training, as well as by serving as a forum where professionals
can exchange strategies and practices to help each other. ACAMS
aim is helping professionals around the world develop, implement
and uphold proven, sound anti-money laundering practices and procedures.
In addition, ACAMS is
a resource for financial and non-financial institutions, helping
them identify and locate “Certified Anti-Money Laundering
Specialists” (CAMS) in the rapidly expanding money laundering
prevention field. ACAMS was created on November
7, 2001, by founding sponsor Alert Global Media, Inc., the leading
independent authority on money laundering and publisher of Money
Laundering Alert, Alerta de Lavado de Dinero and www.moneylaundering.com.
ACAMS is located in Miami, Florida, U.S.A.
A group of elite money laundering experts
from around the world serve on the ACAMS Advisory
Board and provide guidance and leadership in the development of
ACAMS programs and services. |
The
MLRO Support Team |
The
MLRO Support Team
MLRO
Support Ltd is a UK based company managed by two qualified
accountants - David Winch BCom FCA and Bob Edwards FCCA. Both
are MLRO's in their individual practices and each contributes
specialist skills essential to the provision of the support service
- they also have a first hand appreciation of the risks!
Services:
Second Opinions
MLRO Support offer a second opinion
on any money laundering reporting issue - to subscribers only.
Subscribers to the service receive use
of a secure virtual office where enquiries can be lodged. You
receive email notification by close of next working day that their
opinion is ready for you to view online. An example of their reports
is available for preview. Opinions are completely private and
secure. A NewsAlert updates you on changes in PoCA and
MLR legislation. The website provides access to an expanding library
of case studies, NewsAlert archives, and articles published
by the Support Team. Subscriptions can be paid Monthly or Annually.
Form Filling
If you are unsure how to present your case
to SOCA - filling in the relevant forms, they
can offer guidance to help; Assess the issues, Draft the relevant
returns, Agree a fixed fee in advance based on the complexity
of the case.
Training Services
MLRO Support offer various
training options which recognise the specific needs of individual
training organisations and professional practices;
- Seminar presentation for training organisations,
- In-house Staff Training - providing
any professional organisation affected by the PoCA legislation
with "tailor made" in-house training courses,
- Systems reviews - to ensure you are
fulfilling your obligations.
Archives
Providing CASE STUDIES with examples of
presented problems and resulting opinions, e.g.
- Overdrawn Director's Loan Account -
Director's drawings to meet gambling losses
- Reasonable Excuse - Client with previous
convictions
- Dishonesty - A load of rubbish
- Wife's wages - Evidence and verification
- Estimated expenses
MLRO Support provide a
FREE no obligation trial of their services to subscribers.
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ICA
International Compliance Association |
International Compliance
Association
The International
Compliance Association is a non-profit making professional
organisation dedicated to the furtherance of best
compliance and anti money laundering practice in the financial
services sector.
The ICA seeks to transcend national boundaries by educating and
supporting compliance and anti money laundering professionals
globally, through the provision of internationally recognised
qualifications, member information exchange and training.
Membership of the ICA (designated
by the use of 'MICA') indicates a high level of practical competence
in the field of international compliance and anti money laundering
practice. The MICA designation is also designed to signify a dedication
to the conduct of financial services business and the provision
of professional advice whilst maintaining the highest levels of
integrity.
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