What businesses need to run AML checks?

Any business that falls under the 2017 Money Laundering Regulations is required to conduct customer due diligence and identify whether they are working with potentially high-risk customers, such as PEPs or their relatives and closely associated persons (RCAs). The industries covered under the Money Laundering Regulations include the financial sector, real estate and property, lettings, legal services, accountancy, gambling, high-value dealers (commonly art galleries and auctions but extending to any business that accepts a single or multiple cash payments totalling more than 10,000 euros), money transfer businesses (MABs) and banking.

In addition to Money Laundering Regulations, all business regardless of sector, are expected to the compile with the UK sanctions regime. Businesses that have been fined by the Office of Financial Sanctions Implementation for lack of compliance include a hospitality business, an energy firm and telecommunications company.

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