HM Treasury's list of financial sanctions targets contains details of known terrorists and other persons who have had their funds frozen after sanctions have been applied by the UN, EU or UK government. maintain appropriate procedures designed to achieve the above, including procedures related to record-keeping and staff training.report suspicious activity to the authorities.apply more stringent measures in situations where there is a higher risk of money laundering.monitor business relationships to identify suspicious activity and ensure that information about customers is up-to-date.apply customer due diligence measures: verifying the identity of customers, and getting information about the nature and intended nature of the business relationship.The Money Laundering Regulations 2007 require that safe deposit box providers take a number of steps to prevent money laundering. There are also both civil and criminal penalties for failing to comply with the requirements of the regulations.įirms that are already authorised and regulated by us do not need to register again. What businesses offering safe custody services need to doįailure to register with us is an offence that potentially carries either a civil or criminal sanction.
