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Money Laundering Regulations

What are the Money Laundering Regulations?

Money Laundering Regulations are put in place to protect the financial system; preventing the exchange of money or assets obtained criminally. The Money Laundering Regulation 2007 was put in place in December 2007 and requires businesses to put in place controls that prevent money being laundered and a process to report suspicious activity and is closely linked to Know Your Customer. The Joint Money Laundering Steering Group help give practical advice with this.

What control systems does a business have to put in place to meet the Money Laundering Regulation 2007?

To meet the Money Laundering Regulation 2007, businesses must put controls in place that include:

  • Evaluating the potential risk of your organisation being used by criminals to launder money
  • Validating the identity of your customers
  • Storing all documents that showcase financial transactions including customer identity, risk assessments and processes, and procedure management
  • Monitoring customers' business activities and reporting any suspicious activity.

How do Experian help with fraud prevention?