| Summary: |
The money laundering rules, both those contained in the Proceeds of Crime Act 2002 (and the legislation which preceded it) and the provisions of the Money Laundering Regulations 1993, impose considerable liabilities not just on institutions but on their individual officers and employees. Although the Money Laundering Reporting Officer / Compliance Officer has particular responsibilities, this does not absolve the other employees of the firm from the requirement to exercise considerable diligence on their own account.
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