Appendix BRoutine Anti-Money Laundering Activities

This appendix contains details of some of the routine anti-money laundering activities most commonly undertaken by the Compliance Officer and/or the Money Laundering Reporting Officer. It is important to remember that the guidance provided on each area provides summary guidance only and you should tailor the procedures and controls within your own firm to the specific requirements of your business activities and customer base.

KYC approvals for new relationships 207
Financial sanctions 210
Suspicions of money laundering 211
KYC reviews 213
KYC introductions from third parties 214
Third parties completing KYC on your firm 215
Provision of KYC introductions to third parties 215
Patriot Act certificate 216
Politically exposed persons 217
MLRO reporting 218
Counter-terrorist financing 219
Topic KYC approvals for new relationships
Objective Ensure that no customer relationships are commenced without KYC first having been completed.
  • KYC stands for ‘know your customer’ and it is the term used to refer to the completion of anti-money laundering due diligence on persons with whom a business relationship will be formed.
  • The KYC process is a key element of the fight against money laundering and terrorist financing activities in the financial markets. It is effectively the first line of defence against money laundering.
  • There are various components to KYC including:
    • proving ...

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