In light of the new Money Laundering Regulations having come into full effect in June, VinciWorks has made available a free anti-money laundering and counter-terrorist financing policy template. The policy can easily be edited to suite your law firm or organisation, your industry and staff.
Anti Money Laundering (AML) Procedures
The European Union’s Fourth Anti-Money Laundering Directive came into force on 26th June 2017.
The new directive included some fundamental changes to the anti-money laundering procedures, including changes to CDD, a central register for beneficial owners and a focus on risk assessments.
What Should be Included in AML Policy Document?
Here are some guidelines for what should be included in an anti-money laundering policy:
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- Introduction and an explanation of what money laundering and terrorist financing is
- How does money get laundered?
- Guidelines on differentiating between money laundering and terror financing
- Guidance on identifying suspicious activity and what to do in such a case
- What is an SAR (Suspicious Activity Report)?
- Details on anti-money laundering and terrorist financing legislation
- A section explaining the potential consequences of failing to make an SAR when suspicions arise
- Details on client due diligence procedures and how to understand the source of a client’s funds
- Procedures for ongoing monitoring as part of the CDD process
- The anti-money laundering training your staff will be receiving
The policy should end with details on how and when the policy will be reviewed, as well as the contact details of the Nominated Officer, in the case that staff would like more information or would like to raise a concern.
New anti-money laundering course – AML: Know your Risk
Following on from the success of our flagship AML training suite, VinciWorks has recently released a new course on anti-money laundering. The new course takes the user on a scenario-based journey to learning to identify suspicious activity. The course is compliant with the recently implemented Fourth Money Laundering Directive and allows users to track their progress via experience points. Staff can then compare their progress to that of their colleagues with the use of leaderboards. You can find out more about the course by completing the short form below.
