Money-Launderer Clears Up Compliance for Professionals
Press Dispensary - March 26, 2008 - Money-Launderer Ltd ( http://www.money-launderer.co.uk ) announces the launch of its compliance package to help professionals meet the sometimes perilous requirements of the new Money Laundering Regulations 2007. Formed by a barrister and an academic expert on regulatory matters, Money-Launderer offers a welcome relief for UK companies facing the tough challenge of implementing new, mandatory policies, particularly those covering customer due diligence, staff training and procedures for reporting and monitoring.
The compliance package provides an 80 page policy manual, which otherwise firms would have to write for themselves. Other features include certified web training for all members of staff, an easy to follow client data form and 12 months of updates.
Professor Mark Watson-Gandy, barrister and Money Launderer’s co-founder, comments: “Our aim is to provide a reasonably priced service that helps small to medium sized practices cope with the added burden of complying with the new regulations.”
The Money Laundering Regulations 2007 apply to auditors, insolvency practitioners, external accountants and tax advisers as well as credit and financial institutions, independent legal professionals, trust or company service providers, estate agents, high value dealers and casinos.
Dr Joe Tanega, Money-Launderer’s chairman and an academic expert on regulatory matters, adds: “The big change with the new regulations will be that Her Majesty Revenue & Customs and the supervisory bodies now have the authority to turn up on your doorstep to audit your compliance with the new anti-money laundering requirements.”
He continues: “Beforehand you could get away with photocopying a few passports and electricity bills and taking a bit of a gamble that nothing would go wrong with your clients. The new law is much more complex than it was, breach of the regulations is a criminal offence and punishable by a fine and/or imprisonment for a term of up to two years. Get it wrong and you go to prison.”
The compliance package costs £499 + VAT and is available now from http://www.money-launderer.co.uk
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Notes for editors About Money-Launderer Ltd
Founded in 2007 Money-Launderer Ltd provides resources to help professionals meet their statutory obligations under the Money Laundering Regulations 2007.
About The Money Laundering Regulations 2007
The Money Laundering Regulations 2007 came into force on December 15, 2007 and replace the Money Laundering Regulations 2003.
The new regulations require professionals and businesses caught by the regulations to ensure and evidence (a) that ongoing due diligence is undertaken on all their clients, (b) that all their staff has undertaken training on the law on money laundering (c) that they have policies and procedures in place in respect of customer due diligence and ongoing monitoring, reporting, internal control, record keeping, risk assessment and management.
Regulation 3(12) defines a high value dealer as being a person or firm who trades in goods (including when acting as an auctioneer) when he receives in respect of a transaction or several linked transaction a total cash payment of 15,000 euros.
For further information, please contact:
Dr Joe Tanega, chairman, Money-Launderer Ltd
Tel: 07748 186880
Email: info@money-launderer.co.uk
Site: www.money-launderer.co.uk
Published by Press Dispensary
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