Anti-Money Laundering
In the current global climate, the importance of having a bespoke, sector specific Anti-Money Laundering (AML) policy cannot be understated.
In the current global climate, the importance of having a bespoke, sector specific Anti-Money Laundering (AML) policy cannot be understated.
The UK government, AML supervisors (HMRC, FCA among others) and the regulator overseeing AML supervisors (OPBA) are taking a hard stance against any companies involved in money laundering activities, and the penalties for non-compliance can be severe. This is why it is crucial for businesses to have a robust AML policy in place. A well-drafted AML policy can help protect your firm and your clients from any potential risks and ensure that your business operations remain compliant with relevant regulations.
At Jeremy Gordon, we offer a bespoke AML drafting service for businesses who want to ensure that their policy is up-to-date, comprehensive, and tailored to their specific business needs.
Money laundering is a serious issue that can have significant consequences for companies. It is the process of disguising the proceeds of illegal activity as legitimate funds, which can include anything from drug trafficking to tax evasion.
The UK has strict laws, including the Proceeds of Crime Act 2002 and the Money Laundering Regulations 2017 (as amended), in place to prevent money laundering and requires businesses to have AML policies in place to help combat the problem.
An AML policy is a set of procedures and protocols designed to prevent money laundering activities from taking place within your business. It sets out your firm’s approach to identifying and assessing money laundering risks, as well as the steps that should be taken to mitigate those risks. An AML policy can also provide guidance on how to identify and report suspicious activities to the relevant authorities.
Our law firm has a team of experienced lawyers who specialise in drafting AML policies which are tailored to a business’s needs. We understand the complexities of the AML regulations and the importance of having a robust policy in place. Our team will work with you to understand your business operations and identify any potential money laundering risks.
We will then draft a bespoke AML policy tailored to your specific business needs. Our policy will cover all the necessary requirements of the AML regulations, including customer due diligence, risk assessments, and suspicious activity reporting. We will ensure that your policy is up-to-date with any relevant changes to the regulations and provide ongoing support to ensure that your policy remains effective.
Bespoke Policy: We will create a tailored policy that meets the specific needs of your business.
Compliance: Our policies comply with all relevant AML regulations.
Risk Assessment: Our team will conduct a thorough risk assessment to identify potential money laundering risks within your business.
Ongoing Support: We provide ongoing support to ensure that your policy remains effective and up-to-date.
In today’s regulatory environment, it is essential for businesses to have an effective AML policy in place. The UK government’s continued focus on corporate criminal offences and the development of legislation that has a dramatic impact on the conduct of businesses, it is imperative that corporations conduct regular firm wide risk assessments (‘FWRA’), which should include the analysis and review of its current policies and procedures, including combatting money-laundering.
A well-drafted AML policy can help protect your firm and your clients from potential money laundering risks and ensure that your business operations remain compliant with relevant regulations. Our AML drafting service can help you achieve this. We provide a bespoke service that is tailored to your specific business needs and will ensure that your policy is up-to-date, comprehensive, and effective.
If your business requires a review of its policies or new policies and procedures drafting, please do not hesitate to contact us.
Contact London +44 7700 158304 or Manchester +44 7700 164107. Alternatively you can email info@jeremygordon.co.uk
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