Module 5 Recap Copy

Module Recap

  • The Money Laundering Regulations require customer records, including identification documents, verification correspondence and account opening mandates, to be kept for five years after the relationship with the customer has ended.
  • Any customer under suspicion in connection with money laundering will be investigated. The investigators will require the records to enable them to follow an audit trail.
  • Training should be given regularly in how to recognise and deal with transactions and other activities which may be related to money laundering or terrorist financing.
  • It is now up to relevant organisations to decide when training should take place in accordance with their own risk strategy.