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Issue - meetings

Anti-Money Laundering Policy

Meeting: 13/01/2020 - Audit, Governance and Standards Committee (Item 78)

78 Anti-Money Laundering Policy and Guidance pdf icon PDF 76 KB

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The Finance Manager set out the report updating the Committee on the Council’s Anti-Money Laundering Policy.  The previous policy had been drafted in 2014 and needed updating in line with the Money Laundering Regulations 2017.  The key change was the need for further due diligence checks on higher risk customers.  The report also set out that the nominated Money Laundering Reporting Officer (MLRO) was the Director of Finance and Business Improvement.


The Committee raised concerns about the level of responsibility put on to front line staff to report money laundering.  Assurance was given that the employees most likely to have to report money laundering, those handling incoming cash receipts, would have the training necessary to equip them appropriately.  Once reported to the MLRO further work and investigation would be required before it was reported externally.


The quantum of cash payments set out in 4.1 of the policy, those that should not be accepted, was debated by the Committee.  The stated amount of £10,000 was queried as being too high.  It was noted that this amount was set out in the CIPFA guidance and that some customers paid for their Council Tax in cash.  It was also suggested that a register should be kept of those making large cash payments and investigated.


Further, several minor amendments and corrections to the text were suggested.  The Committee therefore considered that it was appropriate to bring the policy back to a later committee meeting so the minor amendments could be properly made.  There was no risk in this action as the current Anti-Money Laundering policy was still in place.


RESOLVED: That the report be deferred to a later committee to allow minor amendments to be made.



Note:  Councillor Perry left the meeting after consideration of this item.