Policies and Procedures

Anti Money Laundering (AML)

Anti Money Laundering (AML) Policy and Procedure Writing Services

This article covers Anti Money Laundering best practices through documentation. Even with the gradual phasing out of large cash payments and fiat finance payments in general, money laundering is still highly prevalent in the UK. There are strict compliance controls put in place for businesses by the government the flow of money to ensure the mitigation of money laundering.

What is Money Laundering?

The basic concept is money laundering is to “clean” money that has its roots in criminal enterprises. As a result, this enables the reuse of the finances to either legally generate income (through assets such as property) or to fund other activities. These enterprises can be UK based or abroad, and the finance types can take many different forms.

What are Examples of AML Compliance?

AML is required if your company requires any financial traceability. For example, if you take payment amounts of over £3,000 from clients regularly – you are required to have controls in place to ensure you are not facilitating money laundering. If your company does not have these in place and perform relevant checks, there are severe consequences to non-compliance.

Companies Involved in the chain

Any company can form part of the money cleaning chain. This can be even without their specific knowledge. Lack of knowledge is often not a suitable legal defence. Anti Money Laundering controls which are underlined in an AML process and procedure/policy document form part of your workforces day to day activities. Also, this provides information to your staff and stakeholders on warning signs as well as providing background information and examples.

Anti Money Laundering Policy Document Content

The content of a good AML policy document is the specific risk areas of your business. Also, it should cover roles and responsibilities, mitigations and record-keeping actions, as well as the procedural processes to follow. We are highly experienced in writing AML policies for all business types.  Policy Pros can produce tailored documentation to manage your controls and keep your company compliant.

How We Can Help

If you would like any more information on Anti-Money Laundering policy writing, please use the form below to contact us. Further reading: Sanction Compliance and Prevention of Facilitation of Tax Avoidance.

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