Money Laundering and Criminal Finances legislation compliance

Some might think that money laundering regulation is old news, but to ignore this fundamental weapon in the fight against financial crime and terrorist financing would be a mistake.

The UK Government is currently undertaking its biggest reform of the UK’s anti-money laundering (“AML”) regime in a decade, including greater law enforcement powers through the Criminal Finances Act 2017 and updating the Money Laundering Regulations which came into force in June 2017.

In January 2018, the Office for Professional Body Anti-Money Laundering Supervision was launched to work with all the UK’s AML supervisors to improve standards and strengthen cooperation with law enforcement.

Tenet is ready to support your organisation to update its policies and procedures to incorporate the changes brought about by the new Regulations.

Under Regulation 18 a risk assessment is required to identify and assess the risk of money laundering and terrorist financing that your organisation faces. This is something that Tenet can guide you through. Staff training is also an important part of the regime and this can also be provided by Tenet.

Case Studies

Cybercrime and Authorised Push Payments, Financial Crime Compliance & Governance

The one with leading finance managers learning about the wide risks of identity fraud.

Client Type - not for profit

View case study

Advised a group of finance directors of multiple charities in relation to identity fraud and protecting their charities from such risks.  Provided specific advice relating to the link of identity fraud to cybercrime and practical advice around dealing with awareness of such issues, the type of threats, the interaction of social media and guidance on […]

With respect to the Criminal Finances Act 2017, assessment needs to be taken by organisations to ensure adequate procedures are in place (similar to the Bribery Act 2010) so to prevent the facilitation of tax evasion.

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