Anti-money laundering work complete
26 June 2015
We have completed our anti-money laundering project, which aimed to test whether or not firms had appropriate systems in place to identify suspicious activity.
Since September, we have visited a number of firms we identified at being at risk from money laundering attempts. We examined whether or not they had effective checks and balances in place to detect any suspicious activity, and that staff are aware of these systems and know how to use them.
Early findings suggest it seems that only a small proportion of these firms require a follow-up visit. We will be reporting back on our full findings in the autumn.
Our work also involved the publication of a warning notice on appropriate anti money laundering processes, and guidance on how to complete suspicious activity reports. A further warning notice was published on ensuring firms do not allow their client account to be used as a bank account. These can be found here: