Anti -Money Laundering Policy June 2021
3 What are the obligations under the money laundering legislation on the Council?
3.1 The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 impose specific obligations on "relevant persons".
3.2 The term relevant person relates to the following activities carried out in the course of
business; tax advice; accounting services; treasury management; investment or other financial services; credit institutions; audit services; legal services; estate agents; services involving the formation, operation or arrangement of a company or trust; dealing in goods wherever a transaction involves a cash payment equivalent to €15,000 (£12,000) or more.
3.3 Organisations in the "regulated sector" and which undertake particular types of regulated activity must:
- appoint a Money Laundering Reporting Officer ("MLRO") to receive disclosures from employees of money laundering activity (their own or anyone else's).
- implement a procedure to enable the reporting of suspicions of money laundering.
- apply due diligence measures in certain circumstances
- know the intended nature of business relationships and undertake ongoing monitoring of them (to identify unusual transactions).
- obtain information on the purpose and nature of transactions/business relationships.
- conduct ongoing monitoring of certain business relationships
- maintain record keeping procedures. (e.g. for evidence of identity obtained, details of transactions undertaken, for at least 5 years).
- train relevant staff
3.4 Not all the Council's business is "relevant" for the purposes of the legislation. However, the safest way to ensure compliance with the law is to apply them to all areas of work undertaken by the Council - therefore all employees are required to comply with the reporting procedure set out in this policy.
3.5 The Money Laundering and Terrorist Financing (Regulations) 2019 and Anti Money Laundering Act 2018, have come into effect during 2020, however do not apply any specific new requirement upon local authorities. The Council will have mind to these regulations when applying any actions in relation to his matter.