Training

The Money Laundering Regulations stipulate that registered organisations must take appropriate measures to ensure that all relevant employees are:

• Made aware of the law relating to money laundering and terrorist financing.
• Regularly given training in how to recognise and deal with transactions and other activities which may be related to money laundering or terrorist financing.

No mention in the regulations is made of the frequency of training. In the past it was stipulated that such training should take place at least every two years. It is now up to relevant organisations to decide when training should take place in accordance with their own risk strategy.

It is important that you can answer the following questions:

• What are your firm’s anti-money laundering procedures?
• How do you check the identity and address of a client?
• Who should you tell if you suspect money laundering?
• What is the HMT Sanctions list?