Money Laundering

The United Kingdom is renowned for its stringent anti-money laundering (AML) framework, a result of the broadly defined criminal offences in the Proceeds of Crime Act 2002 (POCA) and the obligations imposed by the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR) on a wide range of sectors beyond traditional financial services.

Whether or not they fall under MLR, businesses increasingly recognise the importance of understanding and implementing effective AML compliance measures to reduce operational and personnel risks. These measures often encompass Customer Due Diligence (CDD) and Know Your Customer (KYC) processes, as well as appointing a Money Laundering Reporting Officer (MLRO). Additionally, they may involve submitting Suspicious Activity Reports (SARs) online to the National Crime Agency (NCA).

White Fisher offers specialised guidance to businesses and MLROs in developing and refining AML compliance strategies, including CDD and KYC protocols. Our focus is on their practical implementation and alignment with each business’s specific requirements, which may also cover advice on sanctions (refer to our section on Sanctions for more). We also advise on the submission of SARs to the NCA, strategies to enhance the likelihood of obtaining necessary permissions for transactions, and ways to mitigate potential negative impacts under POCA, including support for internal investigations. Additionally, our expertise extends to assisting clients under investigation for criminal violations of these regulations.

Choose Us for Your AML Compliance Needs

Navigating the UK’s stringent anti-money laundering (AML) regulations can be challenging for individuals and businesses. The UK’s AML framework ranks among the most rigorous globally, significantly impacting those within its scope.

Recent legislation has expanded AML oversight to include professionals in regulated sectors, such as solicitors, bankers, and accountants. These individuals are now mandated to establish comprehensive measures to thwart money laundering activities, with non-compliance potentially leading to criminal charges.

The rise in enforcement actions against money laundering underscores the critical need for proactive compliance strategies. We recognise the necessity for bespoke solutions in managing AML compliance risks, offering tailored support to safeguard your operations.

AML Compliance Services

Our services include professional guidance for individuals and companies either facing legal investigations or aiming to reduce their legal risks. We specialise in counsel for those involved in money laundering inquiries and compliance breaches. Our offerings encompass:

• Expert recommendations on when to file a Suspicious Activity Report (SAR), including guidance for defence against money laundering charges and advice on avoiding illegal ‘tipping-off’.
• Executing internal probes for firms suspecting compliance violations, coupled with strategies for correction and risk reduction.
• Crafting guidelines and procedures to help organisations meet their Anti-Money Laundering (AML) obligations and establish strong safeguards.
• Performing AML audits for both individuals and businesses, along with suggestions for prevention strategies and compliance adherence.
• Periodically evaluate corporate AML compliance systems and provide insights on potential enhancements or comprehensive policy overhauls.
• Delivering money laundering training programs to keep businesses updated on the latest AML legislative changes.