Practice Compliance weekly highlights—9 January 2025
This week's edition of Practice Compliance weekly highlights includes: the latest sanctions news, the corporate crime cases to watch in 2025 and other Practice Compliance updates.
Under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as amended, a relevant person must take appropriate measures to ensure that its relevant employees and any agents it uses for the purposes of its business whose work is of a kind covered by the definition of relevant employee are:
made aware of the law relating to money laundering, and terrorist financing and proliferation financing, and to the requirements of data protection which are relevant to implementation of the MLR 2017
regularly given training in how to recognise and deal with transactions and other activities or situations which may be related to money laundering, terrorist financing or proliferation financing
In determining what is appropriate, you must take account of:
the nature of your business
the size of the firm
the nature and extent of the money laundering/terrorist financing and proliferation financing risks to which your business is subject
You may also take into account any guidance issued by:
the Financial Conduct Authority, or
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