Policies and Procedures

Anti-Money Laundering (AML)

AML Policy and Procedure Writing Services

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 and there are strict compliance controls put in place for businesses by the government the flow of money to ensure mitigation of money laundering.

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

If your company requires financial traceability – for example 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 noncompliance.

Any company can form part of the money cleaning chain, even without their specific knowledge, which 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 and provide information to your staff and stakeholders on warning signs as well as providing background information, warning signs and examples.

The content of a good AML policy document are the specific risk areas of your business, 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 and can produce tailored documentation to manage your controls and keep your company compliant.

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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