Welcome to this lesson on the Anti-Money Laundering (AML) systems and processes at rebuildinngsociety.com Ltd. As a peer-to-business lending platform authorised and regulated by the Financial Conduct Authority (FCA), it is imperative that we implement robust systems to prevent financial crime, including money laundering and terrorist financing.
This training is not meant to replace your annual AML and FC Prevention training, but is rather designed to help you understand and use the specific systems and processes used by rebuildingsociety.com to maintain AML compliance and prevent financial crime.
Overview of Our AML Responsibilities
Before we dive into the specific systems and processes, let’s briefly recap our firm’s key responsibilities under AML regulations:
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Customer Due Diligence (CDD): We are required to perform comprehensive checks on both our borrowers and retail lenders to verify their identities and assess any associated risks.
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Ongoing Monitoring: Continuous monitoring of transactions is essential to identify any unusual or suspicious activity that may suggest money laundering.
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Risk Assessment: Regular risk assessments help us identify potential threats related to our lending activities, allowing us to implement appropriate risk mitigation strategies.
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Reporting Obligations: If any suspicious activity is detected, we must report it to the relevant authorities, such as the National Crime Agency (NCA), in compliance with legal requirements.
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Training and Awareness: Ensuring that all employees are well-trained in AML policies and procedures is vital for recognising potential risks and responding appropriately.
Overview of Our AML Systems and Processes
In this lesson, we will explore the specific systems and processes our firm has in place to meet these responsibilities. You will learn how we conduct Customer Due Diligence, monitor transactions, assess risk, and handle reporting obligations. Additionally, we will discuss the tools and technologies that support our AML efforts, ensuring that our practices are effective and compliant.
By the end of this lesson, you will have a comprehensive understanding of our AML systems and processes, empowering you to contribute to our commitment to maintaining a secure and trustworthy lending environment. Thank you for your dedication to these critical standards.