Anti-Money Laundering

With vast experience both in private practice and working within the regulators, we know that the UK’s anti-money laundering regime is one of the most stringent in the world.

We work closely with our clients to navigate this complex and ever-changing area of law that requires up-to-date expertise relevant to their individual commercial contexts. Regularly assisting them to stay on top of their obligations, the XT 24 team reviews and drafts policies, provides training, advises on when to make a suspicious activity report, and defends against criminal prosecutions.

Anti-Money Laundering

As the world of crypto becomes more mainstream, the XT 24 team has gathered a group of specialist lawyers to advise on and draft unique policies relating to cryptocurrencies and non-fungible tokens.

What is Money Laundering?

Money laundering is the process where criminals hide the origins of their illegally gained money.

According to the Law Commission, money laundering is estimated to cost every household in the UK £255 a year and allows criminals to profit from their crimes.

What is the Anti-Money Laundering Regime?

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (as amended by The Money Laundering and Terrorist Financing (Amendment) Regulations 2019) impose a raft of duties on businesses to ensure that they are not embroiled in money laundering activities.

The current law has a system for reporting suspicious financial activity, providing enforcement agencies with the means to investigate and gather intelligence to protect honest businesses from inadvertently committing a crime.

Should I be concerned?

All businesses are required to comply with the obligations set out by the regime.

Those who offer legal services or services that make them a tax adviser, insolvency practitioner, trust provider, or company service provider can be more at risk of falling foul of these.

In the same vein, businesses should also be careful to avoid committing criminal offenses under the Proceeds of Crime Act 2002.

How can I be compliant?

To comply with this regime, businesses must understand their obligations and ensure they have the relevant systems in place, including “Customer Due Diligence” and “Know Your Customer” checks. We would also recommend regular training for your staff to ensure they stay abreast of the constantly changing rules and guidance.

For more information about us and our Criminal Litigation, Investigations, and Regulatory services, please contact a member of the XT 24 team who will be able to assist.