The Financial Services Authority has published an anti-money laundering self-assessment tool for small firms to ensure they are addressing their legal and regulatory obligations to combat financial crime.
The tool follows the move to a more principles-based approach to anti-money laundering controls, introduced on 1 September, and is designed to encourage firms to adopt practices which mitigate money laundering and terrorist financing risks. It sets out a series of questions to consider, including: Management responsibilities; Money laundering reporting; Identifying customers; A risk-based approach; Training; and Suspicious activity reporting For example, under the risk-based approach section it tells firms to consider what risks are posed by customers, what customer and pr...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes