Happy Anniversary Money Laundering Regulations

One year on many firms are still failing to comply – can on-line training provide the solution?

15th December will mark a year since the revised Money Laundering Regulations were introduced, and many UK firms are still risking significant fines and even a prison sentence by failing to prove adherence to their stringent demands.

The Treasury estimates a minimum of 100,000 businesses are affected by the law, including accountancy firms, credit and legal institutions and estate agents - indeed any organisation dealing in goods over a value of £10,000. Add to this the fact that the Proceeds of Crime Act applies equally to all businesses, whether covered by the MLR or not, and the scale of the task becomes clear.

Some organisations are simply unaware they are affected, and many more do not understand the risks they run by not complying. The legislation itself can be applied retrospectively – any future investigation can demand to see what anti money laundering systems and procedures were in place at the time of the alleged event, post December 2007. It can constitute an offence not to train relevant staff to be aware of the risks money laundering poses to their organisation and ensure they are fully equipped to detect the dangers and follow correct procedures.

Despite all this, the current economic climate means many firms are finding it problematic to dedicate funds to ensure such compliance. As is so often the case, IT can provide a simple, cost effective solution, with online courses available from just £35 – a small price to pay to enable firms to demonstrate clear evidence they have trained their staff to be fully aware of the potential impact of money laundering in their workplace.

Director of on-line training provider Sharp End Training Jonathan Senior said:
“Legislation has responded to a growing problem, however many firms are either unaware of their obligation to train their staff or concerned about expenditure. On-line training provides an efficient, cost effective solution which can be proven and audited.”

As the UK heads for recession, organisations affected by the regulations simply cannot afford to leave themselves at risk of heavy fines for non compliance.

To eliminate your company’s compliance backlog please visit www.money-laundering-training.co.uk

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Notes:
The Money Laundering Awareness Course covers the basics of money laundering & risk management.
There is no special software to download and because it is online, it is accessible anywhere by anyone.
The course is written in plain English to be accessible to all staff, at all levels.
Included with the course is full online management reporting to assess competencies across the team.

Sharp End Training - the UK's leading online training company, works with managers and trainers to get value for money from their training budget. We produce high quality, interactive online training material. Director Jonathan Senior (pictured)and his team work tirelessly to save YOU money. Try a free online training course or sign up for our weekly newsletter. Share This Filed under Uncategorized |