PART 2Money Laundering and Terrorist Financing

CHAPTER 2Risk assessment and controls

Training24

1

A relevant person must—

a

take appropriate measures to ensure that its relevant employees are—

i

made aware of the law relating to money laundering and terrorist financing, and to the requirements of data protection, which are relevant to the implementation of these Regulations; and

ii

regularly given training in how to recognise and deal with transactions and other activities or situations which may be related to money laundering or terrorist financing;

b

maintain a record in writing of the measures taken under sub-paragraph (a), and in particular, of the training given to its relevant employees.

2

For the purposes of paragraph (1), a relevant employee is an employee whose work is—

a

relevant to the relevant person’s compliance with any requirement in these Regulations, or

b

otherwise capable of contributing to the—

i

identification or mitigation of the risk of money laundering and terrorist financing to which the relevant person’s business is subject; or

ii

prevention or detection of money laundering and terrorist financing in relation to the relevant person’s business.

3

In determining what measures are appropriate under paragraph (1), a relevant person—

a

must take account of—

i

the nature of its business;

ii

its size;

iii

the nature and extent of the risks of money laundering and terrorist financing to which its business is subject; and

b

may take into account any guidance which has been—

i

issued by the FCA; or

ii

issued by any other supervisory authority or appropriate body and approved by the Treasury.