How our supervision is organised: Regional Compliance Teams
Regional Compliance Teams are responsible for:
Arranging visits to registered businesses to:
- check the business has risk sensitive anti-money laundering policies and procedures in place
- making sure they successfully manage and reduce the money laundering and terrorist financing risks faced by the business and
- making sure the business is taking advantage of the simplified procedures
Teams will do this by:
- checking that the information held on the HMRC register is correct
- checking that the right people within MSBs and TCSPs have undergone the fit and proper test.
- asking the business to explain how their risk sensitive anti-money laundering policies and procedures work.
- testing and evaluating these policies and procedures for compliance with the requirements of the Regulations.
- answering any questions the business has on their legal responsibilities under anti-money laundering legislation.
- explaining any areas of concern and agree any action that the business needs to take.
- putting in writing any action that the business needs to take and warning the business of any liability to penalties.
- giving the business a reasonable time to provide any information and to put things right.
- issuing penalties if the business does not take reasonable steps to follow our advice and guidance.