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Regulatory Knowledge 14 Anti-money laundering

Individual liability

The penalties for businesses and individuals not complying with the Regulations can be severe, for example:

Assisting

Up to 14 years’ imprisonment and/or an unlimited fine to giving assistance to a money launderer to obtain, conceal, retain or invest funds if you know or suspect that the funds are the proceeds of criminal activity.

Tipping-off

Up to five years’ imprisonment and/or an unlimited fine for “tipping off” i.e. alerting a customer to the fact that they have been or will be reported to or investigated by the police.

Failure to report

Up to 5 years’ imprisonment and/or an unlimited fine for failing to report suspicions of money laundering.

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