Systems and controls to prevent money laundering and counter terrorist financing

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • Systems and controls to prevent money laundering and counter terrorist financing
  • SYSC requirements
  • Financial crime guide—money laundering and terrorist financing
  • FCA thematic review of money laundering risks in the capital markets
  • Know your client—customer due diligence (CDD)
  • Enhanced due diligence (EDD)
  • Cryptoassets
  • Simplified due diligence
  • Joint Money Laundering Steering Group Guidance on money laundering
  • HM Treasury advisory notice on money laundering and terrorist financing controls in higher risk jurisdictions
  • More...

Systems and controls to prevent money laundering and counter terrorist financing

BREXIT: The UK’s exit from the EU and the end of the implementation period on 31 December 2020 will have an impact on this area. For more information, see Practice Note: Impact of Brexit: AML and CTF regime—quick guide [Archived].
Lexis®PSL Financial Services Enforcement Database: This incorporates detailed information on all substantive FCA and PRA Final Notices and, where available, Decision Notices from 2014 to 2020. The Database, available here, may be searched and filtered by rule breach, keyword, sector, date, seriousness, aggravating and mitigating factors, financial penalty, and other actions such as appeals.

The requirements to have robust systems and controls in a regulated firm to prevent money laundering originate from:

  1. the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs), SI 2017/692, which implement the Fourth Money Laundering Directive (EU) 2015/849 (MLD4) and the Second Wire Transfer Regulation (EU) 2015/847 (WTR2) in the UK and entered into force on 26 June 2017, and

  2. the Senior Management Arrangements, Systems and Controls Sourcebook (SYSC) in the Financial Conduct Authority (FCA) Handbook

The MLRs have since been amended by:

  1. the Money Laundering and Terrorist Financing (Miscellaneous Amendments) Regulations 2018, SI 2018/1337, which had effect from 10 January 2019, and

  2. the Money Laundering and Terrorist Financing

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