MLR1PP6060 - Penalties guidance: the purpose of a warning letter

The purpose of a warning letter is to advise a business about:

• any first time minor breaches we have identified for which we are not going to raise a penalty if corrected as advised
• any failings or weaknesses that have been identified in the business’s anti-money laundering controls and procedures, which if not corrected will lead to a breach in the future
• what action the business must take, or steps they must put in place, to ensure future compliance with the Regulations
• the timescale the business has to correct the weaknesses

The warning letter will give the business:

• formal notification of the advice that they were given during the Compliance Visit
• the opportunity to correct any minor weaknesses and show that they are exercising all due diligence and taking reasonable steps to comply with the Regulations