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Job description

Money laundering is the exchange of criminally obtained assets or money for legitimate assets or money. In these times of heightened security, money laundering also refers to money used to fund terrorism.

Under UK anti money laundering rules and regulations, certain types of businesses, including accountants and estate agents and financial and credit businesses, must put in place suitable anti money laundering controls. These businesses must also be supervised by a supervisory authority, which may be a professional body such as the law society. Companies in the following categories must register with HMRC:

• Money Service Businesses.
• High Value Dealers.
• Trust or Company Service Providers.
• Accountancy Service Providers.

Actions required by companies subject to anti money laundering regulations include:

• Assessing the risk of the business being used to launder money.
• Confirming customers' identity.
• Confirming the identity of 'beneficial owners' of corporate bodies and partnerships.
• Monitoring customers' business activities and reporting anything suspicious to the Serious Organised Crime Agency.
• Putting in place the necessary management control systems.
• Retaining all documentations that relates to financial transactions, the identity of customers, risk assessment and management procedures and processes.
• Ensuring that employees are aware of the regulations and receive the necessary training.

Companies subject to anti money laundering regulations must appoint a nominated officer - sometimes called a Money Laundering Reporting Officer, or MLRO. This officer must be contacted by anyone in the business that knows or suspects someone is money laundering. The officer then has a duty to consider this information and decide whether or not the matter needs to be reported to the Serious Organised Crime Agency.

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