UK: 42 BUSINESSES IDENTIFIED AS HAVING POTENTIAL COMPLIANCE FAILINGS IN CUSTOMER CHECKS, RECORD-KEEPING AND IDENTIFYING RISK, AS PART OF ONGOING WORK BY THE UK’S AML REGULATORY BODIES TO COMBAT CRIMINAL ACTIVITY

A news release from the NCA on 17th May advised that the National Economic Crime Centre (NECC) brought together regulators in the legal, finance and property sectors to make sure businesses’ supervisory systems to identify potential money laundering activity were fully up to scratch.  A total of 250 visits and compliance reviews were carried out, which will be followed up with assessments or disciplinary action in some cases.  Regulators are continuing to analyse the visit reports to identify any further breaches.  The NECC is also in the process of referring 3 suspected professional enablers to regulatory bodies in connection with ongoing investigations into illicit finance.

https://www.nationalcrimeagency.gov.uk/news/national-economic-crime-centre-leads-push-to-identify-money-laundering-activity

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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