Senior managers ‘personally liable’ for anti-money laundering check failings at money service businesses, says HMRC

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In new guidance on its supervision of money services businesses under anti-money laundering rules , HMRC said that senior managers at those businesses, which include currency exchanges, money remittance providers or those delivering third party cheque cashing services, could be held “personally liable” in cases where failings in anti-money laundering checks are identified in their company.

“Senior managers must: identify, and manage effectively, the risks that their business may be exploited to launder money or finance terrorists; take a risk-based approach that focuses more effort on higher risks; appoint a nominated officer to report suspicious activity; [and] devote enough resources to deal with money laundering and terrorist financing,” the guidance said.