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.