Under the Money Laundering Regulations 2007 all senior managers in relevant businesses have responsibilities and obligations in law. Non compliance with these obligations and responsibilities can result in criminal prosecution and/or unlimited fines being brought against you personally.
Are you a Senior Manager?
Senior manager means a director, manager, secretary, chief executive, member of the committee of management, or a person purporting to act in that capacity, any partner in a partnership, or a sole proprietor.
As a Senior Manager your responsibilities are to:
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Ensure that the business’ policies and procedures are designed and operated effectively.
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Mitigate the risk of the business being used for financial crime.
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Fully meet the requirements of the money laundering regulations (see general obligations for full compliance).
Specifically, you must;
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Produce adequate documentation of your risk management policies and risk profiles in relation to money laundering, including documentation about the application of these policies.
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Produce a statement of the business’s Anti Money Laundering/Counter Terrorist policy and the procedures to be implemented.
