Where 123v PLC is governed by Legislation, Regulations, and associated guidance, we will comply with these obligations and requirements. We will ensure all our staff adhere to these requirements relating to Anti Money Laundering (AML).
All staff will read and ensure they understand and implement the following procedures. The failure of any staff member to adhere to this policy, may lead to disciplinary action. If you are unsure about any aspect of this Policy speak to your manager.
The Financial Conduct Authority (FCA) states this as any kind of criminal conduct relating to money or to financial services or markets as:
Is the act of hiding the original ownership of money that has been obtained through criminal activity, such as terrorism, corruption or fraud and then moved through legitimate businesses and sources to make it appear “clean”!
The three fundamental stages of Money Laundering
As required, we operate under and comply with the applicable UK law, acts and regulation with regards to our Anti-Money Laundering policy and procedures:
Legislation and Regulation (directly related to money laundering)
To prevent financial crime and money laundering within our business by:
*if cash deposits greater than £10,000 are to be taken the business will register under the Money Laundering Regulations and publish a revised Full Financial Crime Policy in accordance with MLR
There is a fundamental requirement to identify customers and verify their identity through CDD for individuals or businesses:
Identification which we can accept:
Depending on the documents seen, one or more may be required and 3rd party verification may also be required.
Where a customer is using Consumer Credit with our partner Lender(s) we will follow their operating producers regarding CDD in Identifying customers.
Due diligence checks are obligatory in the UK when a single transaction exceeds EUR15,000 or where doubt exists about the identity or reliability of the customer.
Client Identification Procedures
Customer Identity due diligence is carried out on all new customers.
All transactions carried out by the business are recorded in such a manner that their origin can be traced should the need arise.
All documents, accounts and transactions associated with all our sales will be retained as per the legal or statutory retention periods, which currently stands at ‘Close of Account +5 Years’.
Where required, we will be monitoring all anti-money laundering
This is important, as an article in The Independent reported that an estimated £100 billion of illicit funds passes through firms who are regulated under money laundering regulations each year.