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CRED 12.2 Money laundering and the FSA

CRED 12.2.1G

The Act gives the FSA a 'reduction of financial crime' objective and explicit powers in relation to money laundering for the first time. These are the power to prosecute for breaches of the Money Laundering Regulations and the power to make and enforce regulatory rules on money laundering.

CRED 12.2.2G

The Money Laundering sourcebook (ML) rules and guidance apply to credit unions unless the text makes clear that they do not (for example, ML 8 on sole traders and professional firms).

CRED 12.2.3G

This chapter of CRED offers some short additional guidance to credit unions to help them understand what ML expects of them in relation to some specific aspects of ML, namely:

  1. (1)

    identification of the client (ML 3);

  2. (2)

    external reporting (ML 4);

  3. (3)

    using national and international findings and material deficiencies (ML 5); and

  4. (4)

    compliance monitoring and record keeping (ML 7).

CRED 12.2.4G

This additional guidance is not a substitute for, and should be read in conjunction with, the requirements contained in the relevant parts of ML.