Module 3 Recap Copy

Module Recap

  • Financial sanctions orders prohibit a firm from carrying out transactions with a listed person or organisation (known as the target).
  • Financial sanctions apply to all transactions; there is no minimum financial limit.
  • If you find your client is on the HMT list then you are required to stop any services provided to your client and report this matter, as soon as possible, to HMT’s Asset Freezing Unit.
  • The Joint Money Laundering Steering Group (JMLSG) is an organisation made up of a number of trade associations from the Financial Services industry. The aim of the JMLSG is to promote good practice in countering money laundering and to give practical assistance in interpreting the UK Money Laundering Regulations.
  • The Money Laundering Regulations stipulate that in the majority of cases, a relevant person “must verify the identity of a customer before the establishment of a business relationship or carrying out an occasional transaction.”
  • It is necessary to check that a company has a legitimate trading purpose and is not just a ‘brass plate’ company where its owners cannot be identified.