It is intended to prompt small firms to focus on and satisfy themselves that they are addressing their legal and regulatory obligations to combat financial crime. This follows the move to a more principles-based approach to anti-money laundering controls that was introduced on 1 September.
The tool is designed to encourage firms to adopt appropriate practices to mitigate money laundering and terrorist financing risks. It sets out a series of questions to consider which include:
Management responsibilities;
Money Laundering reporting;
Identifying Customers;
A risk-based approach;
Training, and
Suspicious activity reporting.
