Money Laundering Regulations
With the 2012 edition of the Financial Action Task Force Forty Recommendations produced; it’s time to ensure the obligations your regulated business has to adhere to are met.
All FSA regulated firms, who are subject to the Money Laundering Regulations 2007, must put in place systems and controls to prevent and detect financial crime and money laundering.
Warren Russell, director at W2 Global Data Solutions commented: “Until recently, independent financial professionals have struggled to perform adequate due diligence, sticking with old ‘KYC’ methods and have simply not been able to access relevant, cost effective data. Major online providers of such services have typically priced themselves out of this important sector of the financial community.” Continuing: “Yes, there are companies out there who provide simple Sanctions checks, and the HM Treasury Sanctions list can even be accessed and searched free of charge. However, Anti Money Laundering checks do not stop at Sanctions, and cost as well as time constraints have all too often stopped adequate due diligence checks being performed.”
To read more on what Warren had to say, and how W2 Global Data can help prevent you falling-foul of these regulations, download the full release here.