CCR2 Future Trends
A powerful reminder to do the right thing
Now there are 24 million reasons why you should review your anti-money laundering procedure
John Dobson Chief executive, SmartSearch
john.dobson @
smartsearch.com
HM Revenue & Customs (HMRC) recently issued a stark reminder to regulated businesses of the importance of anti-money laundering (AML) legislation with its largest ever fine. A money-transfer service operating in the
UK and US was handed a £24m fine for not implementing stringent enough AML procedures.
Record fine This record fine from HMRC should certainly act as a very powerful reminder to all regulated businesses about their responsibilities to prevent money laundering, and carry out due diligence as required by law. Although the fine was for a money
transfer firm, the property market is also under scrutiny.
The Financial Conduct Authority also recently warned advisers that risks from misconduct “may be heightened or increased by homeworking”. We predicted during the first lockdown that the pandemic would result in an increase in attempted fraud and sadly, this has been all too true
28
Name and shame HMRC recently named and shamed four firms that they had fined for not following anti-money laundering procedure, and two of these were estate agencies. The Financial Conduct Authority also
recently warned advisers that risks from misconduct “may be heightened or increased by homeworking”. We predicted during the first lockdown that the pandemic would result in an increase in attempted fraud and sadly, this has been all too true.
www.CCRMagazine.com
Avoiding a fine Brokers and broker firms need to ensure they are complying with the latest legislation if they want to avoid a similarly punitive fine. At the bare minimum, all regulated
businesses have to establish beyond doubt who they are dealing with, and now more than ever, should be adopting electronic ID checks. With another national lockdown causing
restrictions on face-to-face meetings, operating remotely with automated processes
February 2021
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52