A7.121 Money Laundering Regulations—miscellaneous

Administration and compliance

A7.121 Money Laundering Regulations—miscellaneous

A7.121 Money Laundering      Regulations—miscellaneous

Responsibility of supervisory authorities      etc

A supervisory authority must effectively monitor      the relevant persons that it supervises and take necessary measures for the      purpose of securing compliance      with the requirements of the money laundering rules1. The professional bodies detailed in the      2017 Regulations, regulation 7 and Sch 1 are the supervisory authorities for the      relevant persons who are regulated by it2.

Each supervisory authority must identify and assess the international and      domestic risks of money laundering and terrorist financing to which those      relevant persons for which it is the supervisory authority are      subject3.

The duties of supervisory authorities are set out in regulation 46. These      include effectively monitoring the relevant persons for which it is the      supervising authority (its 'own sector') and taking necessary      measures to secure compliance. Each authority is required to adopt a risk-based      approach to its supervisory functions, informed by its own risk assessment, and      must ensure that its employees and officers have access to information on the      domestic and international risks of money laundering and terrorist financing      affecting its sector. It is responsible for taking effective measures to      encourage its own sector to report actual or potential breaches of the 2017      Regulations to it and provide one or more secure channels to do so. It must also      take measures to review the risk assessments and the adequacy of policies,      controls and procedures adopted

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to TolleyLibrary or register for a free trial