The following Risk & Compliance guidance note provides comprehensive and up to date legal information covering:
The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692 require organisations subject to the regulations to carry out screening of relevant employees where it is appropriate having regard to the size and nature of the organisation's business.
From 10 January 2020, an application to the relevant anti-money laundering (AML) supervisory authority for approval of any new beneficial owner, officer or manager (BOOM) of a relevant organisation must also be accompanied by:
sufficient information to enable the relevant AML supervisory authority to determine whether the person concerned has been convicted of a relevant offence, and
such other information as the relevant AML supervisory authority may reasonably require
See further: Approval of beneficial owners, officers and managers below.
Even if the requirements of the MLR 2017 do not apply to your organisation, appropriate vetting of staff is a key element in ensuring the integrity of your crime prevention systems and should not be overlooked.
This Practice Note sets out the requirements of the MLR 2017 in relation to screening of relevant employees, and approval of BOOMs, together with best practice in relation to staff vetting for roles in AML compliance, even if the MLR 2017 do not apply. This Practice Note reflects the requirements of the MLR 2017 as amended by the Money Laundering and Terrorist Financing
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