MLR3C3250 - 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.