MLR3C2250 - Legislation: Specific failings and breaches of the Money Laundering Regulations
During compliance checks on businesses Officers should carry out tests on the following requirements to make sure that businesses are complying with the Money Laundering Regulations.
- Regulation 7 -to apply appropriate and risk-sensitive customer due diligence measures
- Regulation 8 -to apply appropriate and risk-sensitive ongoing monitoring of a business relationship
- Regulation 9 -to comply with the requirements on timing of verification of identity of clients and any beneficial owner
- Regulation 11 - continuing with transaction/business relationship where unable to apply customer due diligence measures
- Regulation 14 -to apply enhanced customer due diligence and ongoing monitoring where required
- Regulation 18 -to follow a direction made by HM Treasury under this regulation (directions where Financial Action Task Force (FATF) applies counter-measures)
- Regulation 19 -to keep the required records
- Regulation 20 -to establish, maintain, monitor and manage the required risk based policies and procedures
- Regulation 21 -to take appropriate measures to provide the required training
- Regulations 26, 27(4), 33 -to comply with registration requirements specified by the Commissioners