What are my firm's responsibilities to comply with Anti-Money Laundering (AML) regulations ?

 To comply with AML regulations and document evidence of compliance, you will need to:

• appoint an MLRO (Money Laundering Reporting Officer), and stipulate clear reporting procedures to the MLRO

• perform a firm-wide risk assessment and keep it updated

• perform a risk assessment on each client and keep them updated

• carry out due diligence and ongoing monitoring of all clients

• maintain clear, up-to-date records

• ensure that relevant staff and senior managers are trained

• keep clear anti-money laundering compliance policies and procedures

• report all appropriate matters to the National Crime Agency (NCA)

• monitor and amend routinely, when circumstances dictate.

You can find guidance from the government at AML Guidance for Accounting Sector