Money Laundering Policy
It is the policy of Whitelaw Baikie Figes to prohibit and actively prevent money laundering and any activity that facilitates money laundering or the funding of terrorist or criminal activities by complying with all applicable requirements under the Proceeds of Crime Act 2002 and the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, as amended by the Money Laundering and Terrorist Financing (Amendment) Regulations 2019.
What Is Money Laundering?
Money laundering is generally defined as engaging in acts designed to conceal or disguise the true origins of criminally derived proceeds so that the proceeds appear to have derived from legitimate origins or constitute legitimate assets. As a firm of Surveyors, whilst we do not hold or deal with client’s money, there is a risk in any property transaction that funds are being sourced from criminal activity.
The principal money laundering offences include the failure to disclose suspicions of money laundering and failing to comply with the administrative requirements of the Legislation.
Risk Assessment
The company has a Risk Assessment procedure in place which is completed for all new clients, and if instructions are received for new matters from existing clients. We are also in the process of putting ongoing monitoring update checks in place for existing clients.
The Risk Assessment includes information on client location, interaction with the client, searches to screen for PEP’s and any adverse media status. A file is also held in the office with details of the FATF High Risk Countries, updated as necessary in February, June and October each year.
In addition, proof of source of funds will be required and as of 14th May 2025 all clients will be screened via the UK government website for any current sanctions.
Client Due Diligence
As part of the above assessment the company have a Due Diligence form which is sent out to new clients requesting details of address, ownership, funding and, if relevant, solicitors details.
This information once received and checked will be held on our secure server and a paper copy will be placed on our AML file, both will be dealt with in line with the firm’s Data Protection Policy.
Where a decision is made not to deal with a party on receipt of Due Diligence, any information in both paper and electronic form provided will be destroyed.
Reporting Suspicions Of Criminal Activity
As required under the Regulations any knowledge or suspicions of money laundering, or belief or suspicions relating to terrorist financing will be confidentially reported to the UK Government SAR Portal by the MLRO.
Training
All members of staff are aware of their responsibilities under the Regulations and carry out the necessary checks as required. Any updates to the Regulations will be covered with staff training and records of this training kept on file.
Policy prepared by Colette S Brough
20/05/25