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Offences under the Money Laundering Regulations 2007
Offences under the Money Laundering Regulations 2007
Non-compliance with the Money Laundering Regulations 2007
It is a criminal offence for a business not to comply with the 2007 Regulations, if it is within their scope. An offence may also be committed by any partner, director or officer of the business, who has consented to or connived at the non-compliance or where the non-compliance is attributable to his neglect.
Regulation 18 – failing to follow a direction made by HM Treasury under this regulation (directions where FATF applies counter-measures)
Regulation 19 – failure to keep the required records
Regulation 20 – failure to establish, maintain, monitor and manage the required policies and procedures
Regulation 21 – failure to take appropriate measures to provide the required training
Regulations 26, 27 – failures regarding certain registration procedures where HM Revenue and Customs (HMRC) are the supervisory body (not applicable to those supervised by a body listed in Schedule 3 to the 2007 Regulations)
Regulation 33 – failure to comply with registration requirements specified by HMRC (not applicable to those supervised by a body listed in Schedule 3)
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