Notice designating “senior management functions” published

Following the conclusion of our consultation we have published:

• a Statutory Notice designating “senior management functions”.  It will come into effect on 13 March 2023. The Notice determines which senior managers in a registered person will fall within the scope of our civil financial penalties regime should they be culpable in a registered person’s significant and material contravention of the Money Laundering Order or a Code of Practice.

 

• a consultation Feedback, outlining the changes made to the originally proposed form of Notice, following respondent comments.

As a matter of best practice, registered persons should identify which of their employees they consider fall into one of the four categories of senior management function and notify those employees accordingly. The categories are set out in our Notice.

However, registered persons are requested not to send us details of who they consider their senior managers to be.

It is also important to note that senior managers should not submit personal questionnaires to us.
If we require information about a registered person’s senior managers, we will specifically request it.