Last week the Financial Conduct Authority (FCA) reminded financial firms to guard against money-laundering amid fears of a rise in terrorist activity. Developments in Afghanistan have highlighted the continuing need for robust systems and controls that respond to changing risks. While Afghanistan is not currently listed as a high-risk jurisdiction, firms are required by regulation to apply risk sensitive enhanced due diligence measures where there is a high risk of money laundering or terrorist financing.
“We expect firms to establish and maintain systems and controls to counter the risk they might be used to further financial crime. Firms must also comply with their legal obligations under the Proceeds of Crime Act 2002 and the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (‘MLRs’ as amended),” the FCA said in its release.
Financial firms were also told to report any suspicious activity to the UK Financial Intelligence Unit and the National Crime Agency, and review existing sanctions already in place in relation to Afghanistan.
Do you have the right resources to ensure you are meeting these AML regulations and reporting requirements?
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