Kobs (NE) Ltd is committed to ensuring that it has adequate controls to counter money laundering activities and terrorist financing activities in line with the Money Laundering Regulations 2017. Risk assessments have been carried out to develop appropriate polices and procedures to help prevent money laundering and terrorist financing.
This risk based approach is where business assess the risk of customer’s laundering money through their business. Although it may be accepted by the business that the majority of customers will not launder money, they must identify criteria that would indicate a higher risk of money laundering.
Money Laundering and Terrorist Financing Legislation
The principal pieces of UK legislation covering anti-money laundering and counter-financing
of terrorism:
- Terrorism Act 2000
- Proceeds of Crime Act 2002
- Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (‘the Money Laundering Regulations 2017) as amended by the Money Laundering and Terrorist Financing (Amendment) Regulations 2019
AS part of mitigating the risk Kobs (NE) Ltd. recognises that it is essential for all staff to receive training in anti-money laundering legislation and as such all staff are trained to understand the company’s responsibilities and how to identify risk. Each member of staff is also provided with copy of this Money Laundering Policy as a reminder of their responsibilities and where/how to report suspicious circumstance.
Adherence to the ‘Due Diligence’ identification procedures on every occasion will mitigate the risk of the business being used to launder money or fund terrorism. We recognise that the regulatory guidance we can do this by either taking paper documentation or running an appropriate electronic Anti Money Laundering check.
The regulation identify that ‘Due Diligence’ should be carried out on our clients. The customer we must identify is the beneficiary of the transaction, identified all vendors will be subject to an Anti Money Laundering check.
