Author: Azizur Rahman 27 October 2021
With both Monzo and NatWest having faced Financial Conduct Authority scrutiny over money laundering failings, Aziz Rahman wrote about the importance of compliance.
In an article, published by Law360, Rahman Ravelli’s founder explains that money laundering has been a high priority for the authorities for some time. This, he argues, makes it vitally important that businesses are proactive and take all necessary steps to reduce the risk of money laundering being committed in their name.
In his piece, Aziz details the recent approach taken by the FCA, which – along with HM Revenue and Customs – has been issuing large fines for money laundering failings.
This is why, according to Aziz, businesses have to be taking an in-depth look at their anti-money laundering prevention procedures. They need to identify all possible shortcomings and devise new procedures that reflect the money laundering risks they face.
The article emphasises the value of a well-planned, carefully-conducted internal investigation in identifying any current, past or potential problems and the best ways to remove them.
Aziz's article can be read on Law360. (Subscription required)
Aziz Rahman is Senior Partner at Rahman Ravelli and its founder. His ability to coordinate national, international and multi-agency defences has led to success in some of the most significant corporate crime cases of this century and top rankings in international legal guides. He is recognised worldwide as one of the most capable legal experts regarding top-level, high-value commercial and financial disputes.