Compliance with Money Laundering Regulations covers the systems and checks a business must have to prevent money laundering and the financing of crime. It includes risk assessments, customer due diligence, ongoing monitoring, and reporting of suspicious activity to the National Crime Agency. A solicitor practicing in this area helps design and implement policies, scrutinises onboarding and ongoing verification, drafts internal procedures, and guides reporting and regulatory engagement. It also advises on staff training, record-keeping, and the handling of potential regulatory investigations.
What a solicitor handles in these matters
The solicitor evaluates your business’s risk profile under the Money Laundering Regulations 2017, helps implement proportionate controls (customer due diligence, enhanced due diligence where needed, ongoing monitoring), and prepares or reviews policies, procedures, and training. They assist with suspicious activity reporting to the National Crime Agency, ensure accurate record-keeping, and liaise with regulators on inquiries or inspections.
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