Module 1 Recap Copy

Module Recap

  • All those who work within the regulated financial services sector must put in place systems and controls to prevent financial crime, in particular that of money laundering.
  • The enforcement of the law is undertaken by various agencies, including in large part, the Financial Services regulators, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).
  • Money laundering is usually a three-stage process: Placement, Layering, Integration.
  • Registered businesses only need to have their compliance with the Money Laundering Regulations scrutinised by the relevant regulator.
  • It is a criminal offence for a business within the regulated sector to fail to comply with the Money Laundering Regulations.