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In terms of scope, the PSRs 2017 are likely to be of relevance to a range of firms including credit institutions, electronic money institutions, the Post Office Limited, money remitters, certain bill payment service providers, card
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Approach Document provides guidance on how the PSRs 2017 conduct of business requirements apply to you. Q17. When might we be providing services enabling cash withdrawals from a payment account (paragraph 1(b))? When you provide, for example, an ATM cash withdrawal or over the counter cash withdrawal service in relation to the payment accounts ...
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Jun 3, 2016 · The Banking and Payments Conduct Regime applies to the regulated activity of accepting deposits. The regime comprises of the following elements: Banking Conduct of Business sourcebook (BCOBS) the FCA’s Principles for Business.
- Carrying Out An Aml Risk Assessment
- Policies, Controls and Procedures
- Customer Due Diligence
- Money Laundering Warning Signs
What type of work is 'regulated'?
The MLR 2017 apply to firms that: 1. buy and sell real property or business entities 2. manage client money, securities or other assets 3. open or manage bank, savings or securities accounts 4. organise contributions necessary for creating, operating or managing companies 5. create, operate or manage trusts, companies, foundations or similar structures Activities that have a lower risk of exposure to money laundering are not covered, for example: 1. paying costs to lawyers 2. providing legal...
Doing an AML risk assessment
A key feature of the MLR 2017 is the ‘risk-based approach’ to preventing and detecting money laundering, and the specific requirement to undertake and maintain a documented practice-wide AML risk assessment. There are no black-and-white rules that tell you your firm is at high risk of exposure to money laundering activity. The conclusions of your practice-wide risk assessment are a matter of judgement. Factors that will play a part in setting your risk rating include: 1. the type of work you...
Your AML risk assessment should list the steps you take to mitigate the money laundering risk in your work. You should reference your policies, controls and procedures, and state clearly what you do when you identify a high-risk client or matter. The conclusions of your risk assessment should feature in your policies, controls and procedures. The p...
Your process for carrying out CDD needs to be informed by your risk assessment of the client and the matter. Unlike many larger firms, you may not have the resources to: 1. employ a centralised compliance team 2. use an electronic verification or business intake software 3. operate a database to record CDD information Where this is the case, you ca...
Whether you’re a fee-earner or a MLRO, recognising signs of potential money laundering sign is an ongoing challenge. An individual warning sign may not be enough to form a suspicion of money laundering, but it will be a basis for asking more questions. We’ve listed some of the most common warning signs. This information is not intended to be exhaus...
The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017) came into force in June 2017. Our quick guide gives you an overview of the key issues firms need to be aware of.
May 16, 2017 · This guidance has been updated for the 2017 Regulations and approved by HM Treasury. It is for all entities providing audit, accountancy, tax advisory, insolvency or related services, such as trust and company services, by way of business.
Feb 14, 2024 · This section provides answers to a number of common questions we are asked about preventing money laundering and compliance with The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 ('the regulations').
