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 the risk of too many suppliers of the same product…

Client Type - company

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Advice was provided in the form of a risk assessment for a large food manufacturer of an international fast food restaurant.  The risk assessment was in relation to the supply chain of a food product with specific reference to bribery and fraud risks.  Following the risk assessment, areas of weakness were identified and reported upon.  […]
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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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Tenet Compliance & Litigation Limited
10th Floor
Lyndon House
62 Hagley Road
Birmingham
B16 8PE

Tel: 0121 796 4020

Email: info@tenetlaw.co.uk

Fax: 0843 216 4240

Tenet Compliance & Litigation Limited. Registered Office, 10th Floor, Lyndon House, 62 Hagley Road, Birmingham, B16 8PE. Registered in England and Wales. Registered No: 09776405. Authorised and regulated by the Solicitors Regulation Authority. SRA Identification No. 626562.
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