AML 4 MSB. Introduction

Why are we so seduced by acronyms?

During presentations, I often start by describing the field of anti money laundering (AML) compliance as “alphabet soup”.

“When in doubt, throw an acronym or two about.” It’s the consultant’s creed.

Is it any wonder that normal people roll their eyes at the very mention of compliance?

Lime specialises in supporting Money Service Businesses (MSB) in the UK, Europe and beyond. Over the next few months, we will publish a series of short articles that help navigate the legislation, regulation and guidance relevant to MSB in the UK.

Mechanics

Below is a list of posts. As each is published, the text will be amended to links. Bookmark this page, and you will always have access to a set of links covering each aspect of guidance.

Disclaimer

At the time of writing, the posts are correct. However, they do not constitute formal guidance and advice. Every business is unique, and faces specific risks. The good news is, that if you have a question, get in touch. If we can help, we will. Lime offers a free review of MSB Policies and Procedures.

Post Index

  1. What is money laundering and terrorist financing?
  2. What is a MSB? Should I register with someone?
  3. What do managers need to do?
  4. What’s a risk assessment, and how do I do one?
  5. What are policies, procedures and controls?
  6. Who is liable for what?
  7. How do I have a risk-based approach and procedures?
  8. What on earth is customer due diligence?
  9. How do I monitor transactions and business relationships?
  10. Politically Exposed Persons. Say what now?
  11. When and how should I report suspicions?
  12. What records should I keep?
  13. How do I train my team?
  14. What? I have to do it all again?

Compliance to anti money laundering and terrorist financing regulation can seem daunting. It shouldn’t. The chances are that your business is already fulfilling many of its obligations. If you’d like Lime to have a look at what you are doing, in the strictest confidence, get in touch. We complete an initial review, completely free of charge.