FSA publishes anti-money laundering tool

The Financial Services Authority has published an anti-money laundering self-assessment tool.

The aim is to prompt small firms to focus on and satisfy themselves that they are addressing their legal and regulatory obligations to combat financial crime.

This follows the move to a more principles-based approach to anti-money laundering controls that was introduced on September 1.

The tool is designed to encourage firms to adopt appropriate practices to mitigate money laundering and terrorist financing risks.

It sets out a series of questions to consider which include management responsibilities, money laundering reporting, identifying customers, a risk-based approach, training and suspicious activity reporting.