We regularly receive contact from people with questions regarding their customer screening in relation to anti-money laundering. As such we thought we would share some information with you.
The aim of completing due diligence, in this context, is to prevent and deter money laundering, terrorist financing and other financial crime such as fraud. By completing due diligence, identifying and understanding who your customer is you can mitigate any potential risks that they may bring to your organisation in regards to financial crime.
It is accepted that expecting firms to eradicate such criminal offences is not realistic, to achieve such a task would be a great burden on time, resources and cost. As such the Money Laundering regulations refer to a risked based approach when considering appropriate due diligence for your customer.
We have created a section on our site where we look at the customer due diligence that needs to be conducted to meet anti-money laundering regulations. We have included some high level information that we believe you may find relevant based on our experience and the Joint Money Laundering Steering Group (JMLSG) guidance. The JMLSG produces Money Laundering guidance that is ministerial approved. Within the UK, when determining whether a Money Laundering offence has taken place, this guidance is considered and can act as a defence.
Firstly, click here for some information regarding the application of anti-money laundering checks and some templates.
Next, click here for details regarding anti-money laundering checks for individuals.
Lastly, click here for details regarding anti-money laundering check for the different types of entities. We will keep updating this section to try an provide details on a wide range of entities.