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CRED 12.6 Compliance Monitoring

CRED 12.6.1G

ML 7.2.2 E sets out that, in accordance with SYSC 3.2.6 R, firms should take reasonable care to establish and maintain appropriate systems and controls. In the context of the financial crime objective, this should include requirements for, at least, annually:

  1. (1)

    a report from the MLRO;

  2. (2)

    a review of the firm's compliance with ML;

  3. (3)

    assessing the impact of any new findings underML 5;

  4. (4)

    a review of the number of money laundering reports made by staff.

In the case of credit unions, the committee of management should consider the MLRO's report and take any action necessary to remedy deficiencies identified.