High-Value Dealers

The Financial Conduct Authority (FCA) is the regulatory body responsible for ensuring compliance with the Money Laundering, Terrorist Financing, and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017) in the United Kingdom. The primary objective of MLR 2017 is to prevent money laundering, financing of terrorism and proliferation financing. 

As a business supervised by HMRC, it is mandatory to comply with MLR 2017 guidelines. These business are required to: 

• Appointment of Nominated Officer (NO)/ Money Laundering Reporting Officer (MLRO). 
• Customer Due Diligence (CDD)/ Know Your Customer (KYC) – Risk mitigation, Risk review, Risk classification of all clients, AML searches, Sanction searches, Adverse news searches, PEP searches and proliferation financing searches. 
• Monitoring transactions to identify Red Flags & report any suspicious transactions to the National Crime Agency (NCA). 
• Policy Packs:
  • AML policy, controls and procedures (PCP) 
  • Anti-Bribery & Corruption Policy
  • Data Protection Policy 
  • Website & Social Media Policy 
  • Computer Use Policy
• AML Training of all the employees, training material, certificates and training log.
• Firm-wide risk assessment (FWRA).