Anti-Money Laundering Policy
1. Introduction to the policy
1.1 O’Hara Properties and Estates is required to put in place appropriate systems and controls to combat money laundering and terrorist financing under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692 (MLR 2017), as amended.
1.2 For more details on the MLR 2017, see section 10.
2. Scope and application
2.1 This policy contains the procedures we have developed to comply with the MLR 2017, as amended.
2.2 This policy applies to our offices, employees, officers, consultants, contractors and to other workers including agency workers, casual worker sand home workers.
2.3 All staff must be familiar with this policy and comply with its terms.
3. What are money laundering and terrorist financing and why are they important?
3.1 Money laundering is the process through which the true origin and ownership of the proceeds of crime are changed so that the proceeds appear legitimate.
3.2 Money laundering is the process through which the true origin and ownership of the proceeds of crime are changed so that the proceeds appear legitimate.
Typically, money laundering involves three stages:
3.2.1 Placement—the process of placing criminal property into the financial system (eg by breaking up large sums of cash into smaller amounts or by using a series of financial instruments (such as cheques or money orders) which are deposited at different locations)
3.2.2 Layering—the process of moving money that has been placed in the financial system in order to obscure its criminal origin (usually through multiple complex transactions often involving complicated offshore company structures and trusts)
3.2.3 Integration—once the origin of the money is disguised it ultimately must reappear in the financial system as legitimate funds (involves investing the money in legitimate businesses and other investments such as property purchases, or setting up trusts)
6.3 If the client is a Trust we require copy of the Trust Deed, list of Trustees and list of beneficiaries
4. Risk Assessment
4.1 O’Hara Properties and Estates has a comprehensive policy in place that details clearly what to watch out for under the regulations. All staff members are able to identify circumstances that could result in a higher risk of money laundering and terrorist activities. The policies in place help to minimise the risks whilst providing a clear and concise method to both identify and reduce risk moving forward.
4.2 All staff are trained in and have access to our anti-money laundering policy and are aware of the risks of money laundering and terrorist financing together with their individual responsibilities under the legislation. Training is given to new employees and the subject is revisited yearly with ongoing training and group sessions
4.3 All clients of O’Hara Properties and Estates have to prove their identification before any business relationship commences. Their identification is documented and retained on file in the office.
5. CUSTOMER DUE DILIGENCE (CDD) MEASURES
5.1 We adhere to the Due Diligence identification processes on every occasion this in turn mitigates the risks of the business being used to launder money or fund terrorism.
5.2 Copies of photographic I.D. are taken in person together with utility bill no older than 3 months old with name and address on. If no photographic I.D. is available we would require the client to undertake an ID1.
5.3 With regards to PEP’s or sanctioned individuals Enhanced Due Diligence (EDD) is undertaken in all cases.
6. NON PRIVATE INDIVIDUALS
6.1 When instructed by a Company or other legal structure EDD will be undertaken to ascertain the owner and beneficial owners. EDD will then take place on them individually.
6.2 For a Company or LLP we require a copy of the Certificate of Incorporation, Audited Accounts together with details of Company Directors and Shareholders
6.3 If the client is a Trust we require copy of the Trust Deed, list of Trustees and list of beneficiaries
7. PROBATE
7.1 On instruction by the Executor of the Estate we will undertake EDD this will involve taking a copy of the Will on instruction together with all relevant identification documents of the Executor such as photographic I.D. This is to ascertain that the individual has eventual authority to act on the sale and to confirm this when available we would require certified copy of the Grant of Probate.
7.2 In circumstances where there is no Will then the relevant EDD is again undertaken on the administrator and when available copy of the Letters of Administration or Letters of Administration with Will annexed Will be required if relevant.
8. SUSPICIOUS ACTIVITY AND RECORD KEEPING
8.1 All suspicious Activity is reported immediately to the Money Laundering Reporting Officer (MLRO)
8.2 The MLRO is tasked with reviewing the information and deciding whether it need be referred on to the National Crime Agency
8.3 All records are kept for a minimum of 6 years and then are destroyed thereafter or can be collected after this stage with prior notice by the client
MLRO, Director
Robert O’Hara
69-71 London Road Waterlooville Hampshire PO7 7EX
robert.ohara@oharasolicitors.co.uk