ECSH33110 - Confirming roles and responsibilities

Establishing who are the beneficial owners, officers and managers

Following your initial contact with the business, you should have confirmed that the business’s registration details from ETMP are correct and up to date (see ECSH32820 What to establish). 

You should establish who the beneficial owners, officers and managers (BOOMs) are. BOOMs are defined in Regulation 3 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. See ECSH63180 Regulation 3 for more information. 

Points to consider may include: 

  • Who would be considered BOOMs? See ECSH45791.
  • How many BOOMs are there? 
  • Have the BOOMs passed the Fit and Proper Test (money service businesses and trust or company service providers) or approvals? (Art market participants, accountancy service providers, estate agency businesses, high value dealers and letting agency businesses). 
  • Are all the BOOMs listed as responsible persons on the business’s registration? 
  • If not, what is the reason for this?

 

Roles and responsibilities 

After establishing who the BOOMs are within the business, you should confirm their role and responsibilities. 

Questions may include: 

  • What is included in the day-to-day roles of the BOOMs? 
  • Who is responsible for receiving internal reports of suspicion? 
  • Who is responsible for the business’s compliance with the MLR 2017?  

(This content has been withheld because of exemptions in the Freedom of Information Act 2000) You should consider if this is the case, and if so, how much time do they spend on this business in comparison to their other business/es and how they are able to fulfil their duties. 

Note that the same person could be responsible for both receiving internal reports of suspicion and the business’s compliance with the MLR 2017. Alternatively, the responsibilities may be held by different individuals depending on the size and nature of the business. There may be instances where responsibilities are shared amongst a number of responsible persons. It is important to understand who is ultimately responsible for each area and how duties are managed between the individuals. 

See ECSH33111 Nominated officer and ECSH33112 Compliance officer.

 

Other Staff Members  

You should consider the roles and responsibilities of other staff members: 

  • Are there other staff members involved in regulated activity? 
  • Do the roles of other staff members fit the definition of a BOOM?