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ACCA LW考点：The Money Laundering Regulations

文章来源：ACCA官网

发布时间：2021-08-09 15:06

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The Money Laundering,Terrorist Financing and Transfer of Funds(Information on the Payer)Regulations replaced the Money Laundering Regulations 2007 with updated provisions that implement in part the EU Fourth Money Laundering Directive,which in turn applied the latest Financial Action Task Force(FATF)standards.The FATF is an inter-governmental body that sets the international standards for combating money laundering,terrorist financing and other related threats to the integrity of the international financial system.This article will look at the changes introduced by the new regulations and in doing so will adopt the structure of the explanatory notes accompanying the regulations.

It is estimated that over 100,000 businesses in the UK are covered by the money laundering regime and the regulations are deliberately not totally prescriptive,electing for flexibility in order to promote a proportionate and effective risk-based approach on the assumption that the businesses concerned are best place to know their customers and manage their risks.The regulations,however,do introduce more specific requirements in relation to how levels of risk are to be assessed.

Scope

The regulations apply to financial institutions and gatekeepers’to the financial system.It therefore covers accountants,auditors,legal advisers and tax advisers.Essentially,those covered by MLR 2017 remain the same as under the previous rules.However,it should be noted that the 2017 regulations have raised the base level for their general application from£64,000 to£100,000.

Regulation 4 also makes it clear that where a relevant person(ie one covered by the regulations)is asked to form a company for a customer,that is to be treated as a business relationship for the purpose of the regulations,whether or not the formation of the company is the only transaction carried out for that customer.

High value dealers–ie any business or sole trader that accept or makes high value cash payments in exchange for goods–remain covered by the regulations but the threshold for eligible transactions(either in one transaction or a series of linked transactions)comes down from 15,000 to 10,000 Euro(reg 14).

Supervision and the risk-based approach

A risk-based approach,or risk-management practices as it is referred to in the outcome H1c(i)of the LW(ENG)and(GLO)study guide,underpins all supervisory action.At the national level,this is conducted by HM Treasury and the Home Office(reg 16).At the level of supervisory authorities responsible for the oversight of particular sectors,they will be required to conduct an assessment of risk across the businesses sector they regulate and take appropriate action,such as reviewing risk profiles at regular intervals,especially if circumstances change(reg 17).

At the individual enterprise level,any relevant individual(ie one covered by the regulations no matter their legal form)must make an assessment as to the risk of the likelihood of money laundering arising(reg 18)and is required to keep an up-to-date record in writing of all the steps taken in this regard,unless its supervisory authority notifies it in writing that such a record is not required.In making such an assessment,the following matters must be taken into account:

(a)information made available to them by the supervisory authority

(b)risk factors including factors relating to:

(i)its customers【点击免费下载>>>更多ACCA学习相关资料】

(ii)the countries or geographic areas in which it operates

(iii)its products or services

(iv)its transactions,and

(v)its delivery channels.

The regulations clearly recognise that the potential risk of money laundering taking place will depend on the size and nature of the business and following the assessment of potential risk,the individual or business entity is required to put into place:policies,controls and procedures to manage and mitigate the risks of money laundering.The regulations allow for different strategies and approaches to be adopted by different enterprises,as long as they are appropriate and proportionate to the potential risk.The individual/enterprise is required to regularly review and update the policies,controls and procedures established and must maintain a record,in writing,of those policies,controls and procedures(reg 19).

Internal controls

These matters,included in outcome H1)c)ii)of the LW(ENG)and(GLO)study guide,are governed by regulation 21 to the following effect:

(1)Officer responsible for compliance

Where appropriate with regard to the size and nature of its business,a relevant person must appoint one individual who is a member of the board of directors or of its senior management as the officer responsible for the relevant person’s compliance with the regulations.This person bears the tile money laundering compliance principal(MLCP).This role is distinct from the existing role of money laundering reporting officer(MLRO)who is the person nominated to receive internal suspicious activity reports and who assesses whether a suspicious activity report should be made to the National Crime Agency(NCA))However,where this person is sufficiently senior in the management structure they can combine the roles and functions of MLCP and MLRO.Sole practitioners with no employees are obviously not bound by this this requirement.

(2)Screening of relevant employees

Again,where appropriate to the size and nature of the business,a relevant person is required to assess the skills,knowledge,conduct and integrity of those employees who are involved in identifying,mitigating,preventing or detecting money laundering in the course of business.

(3)Training

Regulation 24 requires a relevant person to ensure that its relevant employees are:

(a)

(i)made aware of the law relating to money laundering and terrorist financing,and to the requirements of data protection,which are relevant to the implementation of these regulations

(ii)regularly given training in how to recognise and deal with transactions and other activities or situations which may be related to money laundering or terrorist financing;

(b)maintain a record in writing of the measures taken under sub-paragraph(a),and in particular,of the training given to its relevant employees.

【ACCA LW考点：Application of customer due diligence】

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