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Guidance Notes

Systems of control to prevent the financial system from being used for money laundering or terrorist financing activities

Date 16 November 2016

Version v1.21 – This is a major update, with Guidance Notes now incorporating references to the Proceeds of Crime Act 2015 (‘POCA’).

Date 9 February 2016

Version v1.20 – These notes are currently under review. Please note that the Proceeds of Crime Act 2015 (‘POCA’) commenced on 28 January 2016. Please note that Section 185 of POCA repealed the Crime (Money Laundering and Proceeds) Act 2007 and Part V of the Drug Trafficking Offences Act.

Date 10 January 2012

Version V1.19 - Updated list of EU countries in Appendix 4 to include Bulgaria and Romania.

Date 14 October 2011

Version V1.18 updated - Inclusion of E-money and Payment Services Firms within scope of application (2.1).  Amendment to e-money limits for Customer Due Diligence (6.2.2.7.4). Amendment to 8.3.2 on what happens after a STR has been submitted.

Date 10 August 2011

Version V1.17 updated - Clarification regarding actions to be taken regarding bearer instruments.

Date 8 February 2011

Supplementary Guidance For the Audit Profession on Systems of control to prevent the financial system from being used for money laundering or terrorist financing activities published.

Version V1.16 updated - Scope & Application (Section 2.1 extended to cover Statutory Auditors and Audit Firms)

Date 8 December 2010

Version V1.15 updated to reflect new text in Paragraph 6.2.3.4.1. regarding client accounts of regulated firms.

Date 30 November 2010

Version V1.14 updated - 30 November 2010 to update the formal inclusion of funds and related activities as relevant financial businesses



Table of Contents (Use navigation menu above)

Chapter 1

Introduction

Chapter 2

Legal Basis for the Notes

Chapter 3

National Risk Assessment (NRA)

Chapter 4

Statements of Principle

Chapter 5

Senior Management Responsibilities and the Role of the MLRO

Chapter 6

Risk Based Approach

Chapter 7

Knowing your customer

Chapter 8

Reporting Requirements

Chapter 9

Training Requirements

Chapter 10

Providing Documentary Evidence

Chapter 11

Appendices

Chapter 12

Compliance Report

Auditor's Supplement Supplementary Guidance for the Auditing Profession
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