This is a tool kit, use it to design and develop the AML Policy & Procedures you will need for your business to comply with the Money Laundering Regulations.
The Money Laundering Regulations (MLRs) set out a framework of requirements for businesses operating in the regulated accountancy sector. Each business is free to choose its own preferred way to address the requirements of the MLRs in a proportionate and effective way.
Because every business operating in the sector is different, a one size fits all approach will not be effective.
A Policy is: ‘A course or principle of action adopted by an organisation’.
Procedures are: ‘An established or official way of doing something’.
Every practice needs to have these worked out and documented.
The practice must review the effectiveness of its AML approach, including its policy and procedure documents, at least once a year, or at the time that any material change occurs within the practice – whichever is most frequent.
Version control that clearly identifies when the policy and procedure document has been reviewed or amended, and by who should be in place.
What is a policy?
A Policy is: ‘A course or principle of action adopted by an organisation’.
What are procedures?
Procedures are: ‘An established or official way of doing something’.
How often should AML policy and procedure documents be reviewed?
The practice must review the effectiveness of its AML approach, including its policy and procedure documents, at least once a year, or at the time that any material change occurs within the practice – whichever is most frequent.