ABSTRACT
The culture covers all aspects of the business and is fundamental in how it sets its policies, structures and principles and then how these are implemented via its procedures and operations. The current law and regulations in the United Kingdom have been enhanced by the Financial Services Authority (FSA) Handbook. They require that all employees who could be involved in the handling of transactions which may involve money laundering receive adequate training. The money laundering reporting officer is one of the most important positions in the whole of the anti-money laundering framework, particularly for firms regulated by the FSA. The Money Laundering Reporting Officer's Annual Report is required under the FSA Handbook for all FSA-regulated firms. It must be remembered that there is nothing in the money laundering legislation or the FSA rules that requires the retention of original documents.
