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.
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