James Bowyer LL.B., Notary Public

ANTI-MONEY LAUNDERING AND TERRORIST FINANCING POLICY


James Bowyer LL.B., Notary Public

ANTI-MONEY LAUNDERING AND TERRORIST FINANCING POLICY

 

1 Introduction

Glossary
Anti-Money Laundering Client Due Diligence

Counter-Terrorist Financing European Commission Enhanced Due Diligence

Legal Sector Affinity Group Anti-Money Laundering Guidance for the Legal Sector, dated March 2018 (to be amended in 2020)

National Crime Agency
Individual responsible for compliance with the MLR, also known as MLRO

The Proceeds of Crime Act 2002 (as amended) Regular Due Diligence
Suspicious Activity Report to the NCA Simplified Due Diligence

The Terrorism Act 2000

 

Criminal Conduct for the purposes of POCA

Conduct that constitutes an offence in any part of the UK or conduct outside of the UK that would constitute a criminal offence in the UK attracting a maximum sentence of more than 12 months' imprisonment.

Criminal Property for the purposes of POCA

property that constitutes or represents a person’s benefit in whole or in part from criminal conduct whether directly or indirectly. All crimes are covered and there is no de minimis

     

MLR

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (as amended) (now incorporating the 5th Money Laundering Directive)

 

PEP

A politically exposed person, an individual who is entrusted with a prominent public function. Includes family members, known close associates of a PEP and PEPs in the UK

      

1.1 This policy contains the procedures I have adopted to comply with my obligations under the MLR.

2 Definition of money laundering and terrorist financing

3 The role of a Notary in the AML and CTF regime

4 The stages of Money Laundering.
Placement—placing criminal property into the financial system

Layering—moving money that has been placed in the financial system to obscure its origin

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James Bowyer LL.B., Notary Public

ANTI-MONEY LAUNDERING AND TERRORIST FINANCING POLICY Integration—the money ultimately reappears in the financial system as legitimate

funds

My notarial practice is at greatest risk of becoming involved in the layering stage but

could be involved in any stage.

5 Red Flags

6 Money laundering offences under POCA

 

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James Bowyer LL.B., Notary Public

ANTI-MONEY LAUNDERING AND TERRORIST FINANCING POLICY

7 Terrorist financing offences

7.1 The TA introduces offences similar to those contained in POCA, for example, the offences of use or possession or laundering money for terrorist purposes, becoming involved in an arrangement which you suspect can be used for terrorist purposes, and tipping-off. It also has a specific offence for fundraising for terrorist activities.

8 MLR

8.1 The MLR require me to introduce systems and controls to combat money laundering and terrorist financing. They apply to notaries in relation to certain types of work only. Failure to comply with the MLR can carry a maximum penalty of two years' imprisonment, a fine or both.

9 Reporting suspicions – a SAR

10 CDD

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James Bowyer LL.B., Notary Public

ANTI-MONEY LAUNDERING AND TERRORIST FINANCING POLICY

10.3.3 obtainingdetailsofthepurposeandintendednatureofthebusiness relationship

10.3.4 conductingongoingmonitoringofbusinessrelationshipswithmyclients.

11 CDD records

If I am required to conduct CDD on a client, I keep a copy of my risk analysis form and the supporting records. The documents are retained in line with my document retention policy.

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James Bowyer LL.B., Notary Public

ANTI-MONEY LAUNDERING AND TERRORIST FINANCING POLICY

12 CDD—different levels of CDD

13 CDD—beneficial owners

13.1 Where the client is beneficially owned by another person, I:

15.1 I:
15.1.1 do not carry out a transaction through a bank account with the client or on

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James Bowyer LL.B., Notary Public

ANTI-MONEY LAUNDERING AND TERRORIST FINANCING POLICY

their behalf

16 CDD—Reliance

17 CDD—ongoing monitoring

17.1 Ongoing monitoring must be performed on all matters in order to detect unusual or suspicious transactions. I conduct ongoing monitoring by keeping in regular contact with my clients and I revisit the CDD I hold on them every three years.

18 Payment of fees and receipt of transaction funds from a third party

I will review this policy annually and more frequently if there are any major changes in the law or if there are changes in the nature of my practice which impact on this policy.

James Bowyer LL.B., SOLE PRACTITIONER NOTARY

Drafted: 19th April 2021 Next review date: 28th March 2023

Note: This policy was reviewed and re considered fully on 4/3/2022 in relation to brand

    

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James Bowyer LL.B., Notary Public

ANTI-MONEY LAUNDERING AND TERRORIST FINANCING POLICY

new sanctions against Russia and Belarus and China and Azerbaijan.
Special care will be taken to ensure my Notary Practice complies with the latest obligations in relation to the above 4 countries.

This policy was further reviewed and considered generally on 02/07/2025. James Bowyer 

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