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

Financial Crime Compliance & Governance

The one with getting employee engagement to be their eyes and ears to prevent and detect fraud

Client Type - not for profit

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Advised one of the G15 housing associations’ Director of Compliance in relation to revising their counter-fraud and counter-bribery policies as well as advising as to improvements on their whistle blowing policies.  After advising on amendments to their existing policies to improve fitness for purpose of those policies in light of their regulatory requirements and given […]

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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