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Random sampling of firms covered by the Money Laundering Regulations

28 November 2016

Firms are to be randomly investigated to make sure they are complying with their legal obligations regarding money laundering.

Rob Gruppetta, the head of the Financial Crime Department at the Financial Conduct Authority(FCA), has announced random sampling of firms covered by the Money Laundering Regulations who do not have “higher risk business models’’. This would include businesses such as financial advisors, stockbrokers, life insurance companies and even safe deposit box providers.

Such businesses should already have robust anti-money laundering procedures in place. But if they do not, this has to be seen as a large warning that they must address the problem.

The FCA says it will carry out the random investigations to assess the size of the problem of money laundering and companies’ ability to protect against it. But it will take a dim view of any companies shown to not be meeting their legal obligations under the Regulations.


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