Who Should Read This Guide?
- Business Owners: Understand your AML obligations
- Compliance Officers: Get detailed implementation guidance
- Financial Professionals: Learn about industry-specific requirements
- New to AML: Start with our Quick Start Guide
Quick Start Guide for Beginners
New to AML compliance? Start here:
- Learn what AML means for your business
- Understand basic requirements
- Find out if regulations apply to you
- Get started with compliance
Jump to Detailed Guide for comprehensive information.
Key Statistics (March 2024)
Source: National Crime Agency & FCA
- £100 billion+ lost to money laundering annually
- 57% increase in suspicious activity reports
- £1.2 billion in AML fines issued
- 73% of penalties due to inadequate procedures
Detailed Guide
Understanding Your AML Obligations
Who Must Comply?
✓ Financial institutions
✓ Real estate agencies
✓ Cryptocurrency businesses
✓ Legal professionals
✓ Accountants
✓ High-value dealers
✓ Trust service providers
Core Requirements
- Risk Assessment
- Customer Due Diligence
- Transaction Monitoring
- Record Keeping
- Staff Training
Step-by-Step Implementation Guide
1. Conducting a Risk Assessment
2. Customer Due Diligence (CDD)
Standard CDD Process
- Identity Verification
- Government ID
- Proof of address
- Business registration
- Risk Assessment
- Customer profile
- Activity patterns
- Geographic factors
- Ongoing Monitoring
- Transaction review
- Pattern analysis
- Regular updates
Enhanced Due Diligence Triggers
- High-risk customers
- PEP relationships
- Complex structures
- High-risk jurisdictions
Industry-Specific Requirements
Financial Services
Aligned with FCA Handbook
Required Controls
- Transaction Monitoring
- Sanctions Screening
- Risk Assessment
- Staff Training
Example Scenarios
Scenario 1: Multiple structured deposits
- Situation: Customer makes several deposits just under £10,000
- Red Flags:
- Multiple branches used
- Similar timing
- Just below threshold
- Required Actions:
- Aggregate transactions
- Review pattern
- File SAR if suspicious
Real Estate
HMRC Guidance Aligned
Key Requirements
- Property Value Checks
- Source of Funds
- Ownership Verification
- Transaction Monitoring
Example Scenarios
Scenario 2: Complex property purchase
- Situation: Foreign company buying multiple properties
- Red Flags:
- Offshore funding
- Complex structure
- Multiple properties
- Required Actions:
- Enhanced due diligence
- Beneficial ownership checks
- Source of funds verification
International Considerations
Global Standards
- FATF Recommendations
- EU Directives
- US Regulations
Cross-Border Transactions
- Enhanced Monitoring
- Multiple Jurisdiction Compliance
- International Sanctions
Sanctions Compliance
Key Sanctions Lists
- UK HM Treasury
- UN Sanctions
- OFAC Lists
- EU Sanctions
Screening Requirements
- New customers
- Existing relationships
- Periodic reviews
- Transaction screening
Technology Solutions
Essential Tools
- ID Verification
- Transaction Monitoring
- Case Management
- Reporting Systems
Integration Requirements
- API Compatibility
- Data Security
- Audit Capability
- Scalability
Glossary of Key Terms
| Term | Definition |
| AML | Anti-Money Laundering: Regulations and procedures to prevent criminal funds entering the financial system |
| CDD | Customer Due Diligence: Process of verifying customer identity and understanding their activities |
| EDD | Enhanced Due Diligence: Additional checks for high-risk customers |
| SAR | Suspicious Activity Report: Report filed with authorities about suspicious transactions |
| PEP | Politically Exposed Person: Individual with prominent public function |
Take Action
- Assess Your Needs
- Review current compliance
- Identify gaps
- Plan improvements
- Get Expert Support Contact ABM Digital Training
- Compliance assessment
- Training programs
- Ongoing support
Contact Information
- Phone: +44 207 515 7080
- Email: info@abmdigitaltraining.com
- Location: Suite 3h & 3g, 10-16 Tiller Road, Canary Wharf, London, E14 8PX
