Steps Required

Practitioners are required to take certain steps to comply with the money laundering regulations. They must:-


    • Appoint a money laundering reporting officer to receive reports from colleagues and make reports to SOCA.


    • Train principals and staff in the requirements of the legislation so they know how to check the identity of clients and can recognise and report money laundering


    • Verify the identity of new clients and


    • Establish internal procedures to detect and deter money laundering.


It must be remembered that the above provides only a very brief outline of some of the main legislative provisions and requirements.


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