Anti Money Laundering policy
1. Policy Statement
1.1 The UK Club is committed to ensuring that in its business activities, it complies with the spirit as well as specific provisions of all laws and regulations for anti-money laundering practice in all the countries or territories in which it operates.
2.1 The Board of the UK Club is ultimately accountable for ensuring that the UK Club, its Managers, Thomas Miller (Bermuda) Ltd (“TMB”) and the Managers’ London Agents, Thomas Miller P&I Ltd (“TM P&I”) as the Club’s Appointed Representative have appropriate anti-money laundering controls and risk management worldwide, as part of the responsibilities imposed by the UK Club’s UK regulator, the Financial Services Authority (“FSA”). The FSA expects to see a robust, risk based framework for anti money-laundering controls in the business of the UK Club, as part of its focus on the adequacy of senior management control systems for countering the risk of financial crime. Increasingly, money laundering is seen as being a global issue affecting all countries to varying degrees, with many countries having now signed up to international treaties and agreements.
2.2 TM P&I is the FSA Appointed Representative of the UK Club and in this capacity, is obliged to ensure compliance with anti-money laundering procedures by the UK Club.
2.3 Most countries have passed local legislation to combat money-laundering. In the UK, criminal sanctions are imposed by: the Money Laundering Regulation 1993, Drug Trafficking Act 1994, Terrorism Act 2000 and the Proceeds of Crime Act 2002. In addition, there are also EC Directives and the recommendations of the Financial Action Task Force – FATF (Group d’action financiere sur le blanchiment de capitaux) that can impact on the UK Club and its business.
2.4 There is a requirement under SYSC 3.2.6 of the FSA Handbook for regulated firms to take reasonable care to establish and maintain effective systems and controls for compliance with applicable requirements and standards under the regulatory system and for countering the risk that the firm might be used to further financial crime.
2.5.1 To protect the reputation of the UK Club by ensuring there are adequate controls to deter and detect money laundering and to protect its business and that of TMB and of TM P&I and their employees from allegations of money laundering (including any offence connected with money laundering) and any possible criminal or civil actions.
2.5.2 To define the respective roles and responsibilities of the UK Club, TMB and TM P&I in respect of anti-money laundering compliance and to develop in partnership an effective infrastructure of anti-money laundering controls and reporting around the UK Club.
3.1 This policy is aimed at ensuring compliance with internationally recognised practices, standards and regulation for the prevention of money laundering. It is based on the recommendations of the FATF, EC Directives and relevant regulatory and legal requirements impacting on the UK Club. The policy applies to the UK Club and its staff, any company whose accounts are consolidated with those of the UK Club for the purposes of financial reporting, and TMB and TM P&I, who have their own policies and procedures in place.
4. Corporate Objectives
4.1 The objectives of this policy include:-
4.1.1 Ensuring effective worldwide anti-money laundering compliance oversight, through creating an appropriate and clear framework of accountability, reporting and controls.
4.1.2 Promoting a positive, consistent compliance culture worldwide, especially in relation to liaison and relationships with regulators and law enforcement agencies.
5. Corporate Principles and Practice
5.1 General principles
5.1.1 The Board of the UK Club will ensure compliance with the high level minimum standards and guidance by way of delegated authority to TMB and TM P&I as set out in paragraph 6.
5.1.2 Where any branch of the UK Club or any office of TMB or TM P&I are bound by local requirements, which require a higher standard, these local standards will be adhered to in accordance with this policy.
5.1.3 The Board of the UK Club will monitor the roles and responsibilities set out in this policy together with the reporting procedures.
6 Roles and Responsibilities
6.1 Senior management of the UK Club
6.1.1 Ultimate responsibility for compliance with anti-money laundering policy, laws and regulations rests at all times with the Board of the UK Club.
6.1.2 The specific control for ensuring that the Board fulfils its responsibilities is undertaken by the Chairman and Deputy Chairmen of the UK Club in their capacity as the Apportionment and Oversight Officers (the FSA CF8 Function).
6.1.3 The UK Club Audit Committee has responsibility for ensuring that the Club’s policy is being adhered to in practice by TMB and TM P&I.
6.2 Delegated Functions
6.2.1 The Board of the UK Club has delegated to TMB and TM P&I the day to day responsibility for compliance with anti-money laundering policy, laws and regulations and also the reporting and monitoring.
6.2.2 TMB and TM P&I fulfil their delegated duties to ensure that the UK Club is fully compliant by following the anti-money laundering procedures in place for TMB and TM P&I. These procedures apply to all Thomas Miller managed businesses worldwide.
6.2.3 The key point of contact between the UK Club and TMB and TM P&I for the purpose of complying with the anti-money laundering procedures and the reporting of any incidents is the Chief Executive Officer of TM P&I.
7. Reporting Procedures
7.1 The Board of the UK Club delegates to its Audit Committee responsibility for ensuring compliance with this policy.
7.2 The Chairman of the Audit Committee is required to make an annual report to the Board of the UK Club on compliance with the policy.
7.3 The Audit Committee will receive an annual report (or as required) from the Chief Executive Officer of TM P&I on the Managers’ compliance with the policy they execute on the UK Club’s behalf and with their own policies and procedures.