Money Laundering and Criminal Finances
Embedding an anti-fraud culture within your organisation is key to protecting it from becoming a victim of financial crime. An organisation’s workforce is its central line of defence, so ensuring that they understand and support the anti-fraud message is critical.
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.
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.
- Drafting and updating your internal policies and procedures, including AML/CDD/KYC policies
- Making Suspicious Activity Reports/ Defence Against Money Laundering requests to the National Crime Agency where you know or suspect money laundering
- Staff training on the relevant legislation and known money laundering typologies so they are equipped to spot it early
- Helping your business assess and mitigate the risk of money laundering and other offences
Tenet can help you to implement and reinforce an effective anti-fraud strategy. We can also guide you through the necessary steps where fraud is suspected or has occurred.
To discover more about the world of financial crime and fraud please see our Fraud Hub.
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