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.

 

Back to Money Laundering

 

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