Money laundering means exchanging money or assets that were obtained criminally for money or other assets that are ‘clean’. Clean money or assets do not have an obvious link with any criminal activity. Money laundering also includes money that is used to fund terrorism. The regulations apply to several different business sectors, including accountants, financial service businesses, estate agents, and solicitors.

You must meet certain day-to-day responsibilities if your business is covered by the Money Laundering Regulations. These include carrying out ‘customer due to diligence’ measures to check that your customers are whom they say they are, and risk assessing your business. You must also put in place internal controls and monitoring systems. The nature of these controls will depend on the size and complexity of your business, including the number of customers you have and the number and type of products and services you provide. For more information and guidance on responsibilities under the Money Laundering Regulations, you can contact our professional team at SEARS Accountants.