On the 31st July 2009, the Office of Fair Trading (OFT) opened its registration for Anti-Money Laundering (AML).
The OFT requires all its supervised businesses to register before the 31 January 2010. The following types of business are supervised by the OFT and will need to register:
- Estate agents – those engaged in estate agency work as defined by Section 1 of the Estate Agents Act 1979.
- Consumer Credit Financial Institutions (CCFIs) – businesses carrying on consumer credit lending activity who are neither authorised by the Financial Services Authority (FSA) nor money service businesses supervised by Her Majesty’s Revenue and Customs (HMRC).
Failure to register could lead to the OFT imposing a civil penalty or taking a prosecution if business is carried on after 31 January 2010. Prosecution could result in a sentence of up to two years in prison and/or an unlimited fine.
The Joint Money Laundering Steering Group (JMLSG), part of the British Bankers’ Association (BBA), has devised rules for all of these businesses to follow in their anti-money laundering efforts. Because of our familiarity with these rules, we can prepare appropriate procedures based on your business’ exposure to the risk of financial crime. We can tailor these to fit your existing business processes and ensure that they are easily understood, implemented and overseen.
We are able to offer the services of an FSA and HMRC-approved Money Laundering Reporting Officer who can oversee the processes we implement and report to your Board, SOCA or your relevant authority as required… we can even complete the registration forms for you if you’d like us to.
If you would like to discuss any aspects of money laundering reporting or registration, please call or e-mail Simon Webber, our Managing Director.