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HMRC internal manual

Money Laundering Regulations: Compliance

From
HM Revenue & Customs
Updated
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Legislation: Terrorist Funding Act

Under Part 3 of the Terrorism Act, businesses and their employees are also required to disclose information to SOCA in circumstances where they have identified suspicious activity.

This requirement is identical to the requirements under Part 7 of the POCA.

The Money Laundering Regulations specify that businesses must have a process in place to identify and report suspicious activity.

HMRC is responsible as supervisor for making sure that a business:

  • Have appropriate systems in place to identify and report suspicious activity
  • Have appointed a Nominated Officer (NO) (unless they are a person who carries out business on their own with no employees)

The Terrorism Act also establishes a list of proscribed organisations with which financial services firms may not deal.