Guidance for Money Laundering Regulation Officers in Housing Associations

The Money Laundering Regulations 2017 (‘the Regulations’) set out what regulated firms must do in order to comply with their anti-money laundering (“AML”) obligations. These include requirements in relation to client due diligence; risk assessments; policies, controls and procedures; and staff training. It also includes the requirement to have a Money Laundering Reporting Officer and, if appropriate, a Money Laundering Compliance Officer; with the identity of the post-holders being notified to the relevant regulator within 14 days.

We have prepared a guide to assist MLROs specifically in housing associations which can be downloaded here. This guide is intended to support MLOR’s in housing associations to meet their AML obligations and play their part in combating money laundering in the sector.

The guide includes information on:

• Key legislation and guidance from regulators;
• Who can be a MLRO / MLCO;
• What is the MLRO / MLCO responsible for;
• Key priorities for a MLRO;
• Suspicious Activity Reports and who to report to;
• Staff training;
• Annual reports and record keeping.

We hope this guide will help MLROs navigate the role and ensure that housing associations are doing all they can to combat financial crime.

Please get in touch with Elaine Mitchelle if you would like to discuss anything in this guide or if you are interested in hearing more about the training we can offer on all aspects of financial crime compliance.

Training helps to ensure that the housing association has a robust approach to combating money laundering in the sector, and provides assurance to the RSH that it is high on their agenda.