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02 Feb 2022

So, you have a new or existing business in the UK, and the entire enterprise is going well.

But like any business in the UK that has investors and a lot of capital, you will want to protect your business against fraud or money laundering. And so, you should seek to do this by covering your business with Anti-Money Laundering Regulations.

But what do Anti-Money Laundering Regulations include in the UK? And who can help you set them up and operate them successfully?

At ABV Solicitors, our fraud solicitor has helped many businesses to protect themselves using anti-money laundering law, and if anything slips through the gaps, we can support you if your business becomes the subject of money laundering investigations. Great!

So, back to the original question, when it comes to Anti-Money Laundering Regulations, what does it involve for your business? Our fraud solicitor answers that below!

Please note that this article does not cover all areas of Anti-Money Laundering Regulations in the UK, and if you need more help or advice, please contact our team.

Policies and controls

The first step in protecting your business from coming under investigation for money laundering is to put internal controls and policies in place.

This will involve conducting a risk assessment related to money laundering and terrorist financing that your business may face.

Confused? This is all very confusing, so in short, you will need to hire our fraud solicitor to assess the systems that exist within your business to keep track of where your money is going and coming from. Are your investors who they say they are? Is your money or money that can be tracked to your business disappearing?

All of these points can be an issue under UK law, but we will help you to detect and eradicate them, so you will have absolute clarity about where your money is going.

Clients

Another area that will need to have tighter controls is your client base, especially if you handle money or your business transfers money regularly.

Do you have clients who frequently vanish or are based overseas and thus outside of the UK’s jurisdiction? If so, these are red flags that something untoward may be happening.

It is also worth considering whether you or your company regularly act on behalf of your clients without meeting them; if so, you could be putting your company at risk, and you should call our team.

Staff

We know that your staff are carefully chosen, and you only hire those who are the best.

But this can be where companies trip up; over-trusting your staff can allow things to go under the radar that can land you in hot water with money laundering and moving money.

Once again, we advise that you conduct internal inspections of your staff in charge of accounts and what they are doing every month or so to ensure that it is all legal and no area is overlooked. If you are unsure of where to start with this, contact our team at ABV Solicitors.