Anti-Money Laundering (AML) Regulation Guidelines

What is Money laundering?

Money laundering relates to the exchanging of money or assets obtained illegally, for money or other assets that are seen as 'clean'. The clean money or assets will not appear to have an obvious link with any criminal activity. Money laundering also includes money that is being used to fund terrorism, however it's obtained.

Money Laundering Regulations

All companies covered by the Money Laundering Regulations, which were initiated in December 2007, have to enforce effective anti-money laundering procedures. 

Anti-Money Laundering regulations are designed to protect the UK financial system. If a business is covered by the regulations, they must implement strict measures to prevent it being used for money laundering by criminals and terrorists.

Anti-Money Laundering Measures

One of the measures that needs to be taken is the appointing of a 'nominated officer', someone responsible for verifying the identity of each customer. 

Any suspicious activity must always be reported to the National Crime Agency.

AML Regulations apply to businesses within several different sectors, including:

  • Legal services
  • Financial and Credit
  • Accountants
  • Estate Agents
  • High-Value Automotive Dealers
  • Pawnbrokers

Actions each business may need to carry out include:

  • Assessing the risk of a business being used to launder money
  • Verifying the identity of customers and the 'beneficial owners' of corporate bodies
  • Monitoring customers business activities, and performing money laundering checks where necessary
  • Ensuring the business has effective management control systems implemented
  • Keeping all documents related to a customer's identity, financial transactions, risk assessment and management procedures
  • Ensuring all employees are aware of regulations, and have had sufficient training 

How can TransUnion help?

Callcredit offer a unique solution to help businesses to comply with anti-money laundering requirements - CallML.

This solution is a powerful customer identity verification service that has been designed to meet the official Money Laundering Regulations, prevent fraud, reduce operational costs and improve customer satisfaction.

TransUnion are recognised by The Joint Money Laundering Steering Group (JMLSG) as a provider of electronic verification solutions which can help businesses meet Money Laundering Regulations.

To find out more about our solution visit the CallML page

Request more information about our AML Solutions by clicking the link below.