Breaches of money laundering regulations are punishable with severe financial penalties, a ban from professional practice or even imprisonment.

Recent years have seen the Financial Conduct Authority (FCA) come down hard on financial organisations for failing to crackdown on illegal financing. Banks have been fined billions of pounds for not adequately screening customers and payments to prevent money laundering or the financing of terrorism.

The Money Laundering Regulations 2007 require companies operating in the regulated sector to comply with stringent anti-money laundering (AML) legislation and regulations. The forthcoming implementation of the fourth EU Money Laundering Directive is likely to place more burdens on business.

Therefore it is essential that you and your business have adequate AML systems and controls in place.

The regulations apply to many business sectors, including:

• Financial and credit businesses
• Independent legal professionals
• Accountants, tax advisers, auditors and insolvency practitioners
• Trust and company service providers
• Estate agents
• Casinos

Our anti-money laundering experts can advise on the requirements of money laundering regulations, compliance with the legislation, assist with policies and procedures and provide AML training.

If you or your business is being investigated, our money laundering solicitors have successfully represented professionals including lawyers and accountants, individuals and company directors as well as numerous organisations.