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PART 2U.K.Money Laundering and Terrorist Financing

CHAPTER 2U.K.Risk assessment and controls

TrainingU.K.

24.—(1) A relevant person must—

(a)take appropriate measures to ensure that its relevant employees [F1, and any agents it uses for the purposes of its business whose work is of a kind mentioned in paragraph (2),] are—

(i)made aware of the law relating to [F2money laundering, terrorist financing and proliferation 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 [F3money laundering, terrorist financing or proliferation 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 [F4and to any agents it uses for the purposes of its business whose work is of a kind mentioned in paragraph (2)].

(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 [F5money laundering, terrorist financing and proliferation financing] to which the relevant person's business is subject; or

(ii)prevention or detection of [F6money laundering, terrorist financing and proliferation 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 [F7money laundering, terrorist financing and proliferation 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.

Textual Amendments