1. Undertake a risk assessment to identify where the business is vulnerable to money laundering activities and to review this assessment on an annual basis – YOUR FREE DOWNLOAD.
 

2. To have processes and controls in place to fully meet the requirements of the legislation and to be able to demonstrate the effectiveness of these controls.
 

3. To have in place an appropriate AML Policy, available to all staff and reviewed on an annual basis.
 

4. Ensure all our employees have appropriate training and understanding of the regulations and the role they play. This includes training for all new starters as part of their induction before they become customer facing and a refresher for all staff on an annual basis.
 

5. To provide updates to all staff regarding any changes in legislation.
 

6. To advise the Directors if additional Money Laundering Officers are required to support the business.
 

7. To review and respond to all internal suspicious activity reports and queries and to make the final decision regarding any ongoing reporting to the National Crime Agency.
 

8. Have a process in place to complete due diligence checks on sellers and buyers and to carry out ongoing monitoring.
 

9. Have processes to identify when a seller, buyer or beneficial owner is a Politically Exposed Person.
 

10. To complete additional checks on the wealth of the transaction on all PEP cases and continue to monitor through the property transaction.
 

11. Manage situations where a person you are entering into a business relationship with, will not provide approved ID documents and consider whether a report should be submitted to the NCA.
 

12. To register the business with the National Crime Agency as and when appropriate.
 

13. To respond to any queries from employees regarding completion of verification checks.
 

14. To maintain confidential records of all suspicious activity reports.
 

15. Approve all ‘high risk’ clients and monitor the transaction until the business relationship comes to an end.
 

16. To ensure a ‘defence’ is sought, if required when submitting a report to the NCA and support the branch in managing the transaction.
 

17. Maintain records of all activity.
 

18. To establish a process and test effectiveness on controls on a regular basis, but as a minimum twice per year, and to formally discharge the duties of nominated officers.
 

19. To have a process to ensure all AML documentation is confidentially destroyed at the end of the 5-year retention period.