HM Treasury has released a report : Anti-money Laundering and Countering the Financing of Terrorism: Supervision 2020-2022.
The report, which was published in December 2022, reports on the activity and performance of legal pubic body supervisors in tackling anti-money laundering.
The key findings in the report are as follows:
- inadequate documented policies and procedures
- inadequate customer due diligence (CDD) procedures
- inadequate enhanced due diligence (EDD) procedures
- no ongoing CDD monitoring
- no periodic review of compliance with money laundering regulations
- inadequate firm-wide risk assessment
- no or inadequate staff training on anti-money laundering (AML) compliance
- inadequate record keeping
- use of third-party policies that were not adequately tailored to the specific firm’s individual risk profile
- inadequate resource allocated to AML compliance