Staff training & awareness

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 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, 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 and proliferation financing

Determining what measures are appropriate

In determining what is appropriate you must take account of:

•
the nature of your business
•
the size of the organisation
•
the nature and extent of the money laundering/terrorist financing/proliferation financing risks to which your business is subject

You may also take into account

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

TAKE A FREE TRIAL

Latest Risk & Compliance News

EDPB approves certification criteria for EU Data Protection Seal under EU GDPR

The European Data Protection Board (EDPB) has approved the certification criteria for the EU Data Protection Seal, a mechanism to certify compliance with EU General Data Protection Regulation, Regulation (EU) 2016/679 (EU GDPR) in data processing operations, including transfers to third countries. This seal helps establish appropriate safeguards for data transfers, offering a uniform standard of assurance across the EU. It also specifies the roles of supervisory authorities, accreditation bodies, and certification bodies in maintaining consistent application of GDPR rules

Risk & Compliance weekly highlights—28 November 2024

This week's edition of Risk & Compliance weekly highlights includes: the new Risk & Compliance forecast, the latest sanctions news, the launch of a bribery investigation into defence firm Thales by the SFO and INTERPOL’s successful global operation against financial cybercrime.

Spotlight on Corruption reports on OFSI sanctions enforcement

Spotlight on Corruption publishes a report on the recent Commons Treasury Select Committee hearing with the Office of Financial Sanctions Implementation (OFSI). The report highlights UK's underwhelming record on sanctions enforcement. With only one £15,000 fine imposed since 2022, zero criminal convictions since 2012, and less than £m in assets seized, enforcement remains feeble. However, OFSI's caseload has increased to over 400 investigations, and the Foreign Secretary has confirmed a government review of sanctions is underway. The hearing also revealed potential for improved cooperation between OFSI and law enforcement, though concerns about transparency persist. These developments suggest a possible shift towards more robust sanctions enforcement in the near future, pending the outcomes of ongoing cases and the government's review.

INTERPOL conducts successful global operation against financial cybercrime

INTERPOL's Operation HAECHI V, a five-month global initiative involving law enforcement from 40 countries, has concluded with unprecedented success in combating cyber-enabled financial crimes. The operation led to over 5,500 arrests and the seizure of more than USD 400 million in virtual and fiat currencies. Notably, Korean authorities dismantled a major voice phishing syndicate responsible for USD 1.1 billion in losses. INTERPOL also issued a Purple Notice warning about a new cryptocurrency fraud tactic. The operation's effectiveness was bolstered by INTERPOL's Global Rapid Intervention of Payments (I-GRIP) mechanism, which facilitated swift interception of stolen funds across multiple jurisdictions. Compared to 2023, HAECHI V nearly doubled the number of cases solved and tripled the number of virtual asset service provider accounts blocked, marking significant progress in international efforts against financial cybercrime.

View Risk & Compliance by content type :

News