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7 min read.

Regulations surrounding anti-money laundering are continually evolving, with more scrutiny, more accountability, and more personal responsibility for senior managers of businesses. 

The key takeaway for firms is not just understanding the rules but embedding them into their everyday working practices. 

What anti-money laundering regulations are changing?

Regulators are focusing on the following: 

Supervisors are asking firms to show that their policies are actually being followed by staff.  

Internal Practices Are Crucial

Effective anti-money laundering (AML) compliance relies on five key elements: 

  1. A realistic, companywide assessment – A genuine assessment of your client base, services and exposure. 
  2. Clear procedures with evidence – Policies need to be accessible, practical and align with how your business operates.
  3. Training Tailored to your Business – Fee-earners require scenario-based training that is tailored to your business sector. Generic annual training isn’t enough.
  4. A Robust Reporting System – Staff need to know how to escalate issues. Your money laundering reporting officer (MLRO) needs to document decisions thoroughly.  
  5. Independent Review – Periodic external audits will help to identify blind spots and demonstrate seriousness to regulators. 

How Bowcock & Pursaill Can Support

As corporate law specialists, Bowcock & Pursaill can support you in the following areas: 

Being compliant with anti-money laundering laws isn’t about fear, it’s about building systems that protect your business, your customers and ultimately your reputation. 

Get in touch with our Corporate Law Solicitors 

If you need support with anti-money laundering, speak to our corporate law solicitors today on 01782 200000 or by emailing info@bowcockpursaill.co.uk. We have offices in Eccleshall, Hanley, Leek and Uttoxeter for face-to-face appointments. 

 

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