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, as amended by the Money Laundering and Terrorist Financing (Amendment) Regulations 2019, SI 2019/1511 from 10 January 2020, include requirements relating to staff training and awareness, which are compulsory for organisations caught by the Regulations.
All organisations and their staff have an obligation to comply with applicable anti-money laundering (AML) legislation. Even if the requirements of the MLR 2017 do not apply to your organisation, the Proceeds of Crime Act 2002 (POCA 2002) and the Terrorism Act 2000 (TA 2000) still apply to your partners/directors and staff as private individuals, eg if they become involved in something they know or suspect is connected to money laundering, they have a legal obligation to report it. As a result, whether or not your organisation is subject to the MLR 2017, you may want to provide training on money laundering and terrorist financing issues to your staff as a matter of course.
This Practice Note provides guidance which is of general application. It sets out the requirements of the MLR 2017 in relation to staff training and awareness. It considers the measures organisations can take to make staff aware of the law relating to money laundering and terrorist financing and to train them in how to recognise
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