1. Policy Statement
1.1. The UK P&I 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 Boards of UK (Europe) and UK (London) are ultimately accountable for ensuring that UK (Europe) and UK (London), and their Managers, Thomas Miller P&I (Europe) Ltd (“TM P&I (E)”), as UK (Europe)’s Appointed Representative, have appropriate anti-money laundering controls and risk management worldwide, as part of the responsibilities imposed by UK (Europe)’s and UK (London)’s UK conduct regulator, the Financial Conduct Authority (“FCA”). The FCA expects to see a robust, risk based framework for anti-money laundering controls in the business of UK (Europe) and UK (London), 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. Although UK (Bermuda) and its Managers, Thomas Miller (Bermuda) Limited, are not regulated in the UK by the FCA, there are similar anti-money laundering requirements in Bermuda and the Isle of Man where UK (Bermuda) is present, and the provisions of this anti-money laundering policy also apply, mutatis mutandis, to UK (Bermuda) and Thomas Miller (Bermuda).
2.3. TM P&I (E) is the FCA Appointed Representative of UK (Europe) and in this capacity is obliged to ensure compliance with anti-money laundering procedures by UK (Europe).
2.4. Most countries have passed local legislation to combat money laundering. In the UK, criminal sanctions are imposed by the Money Laundering Regulations 1993, Drug Trafficking Act 1994, Terrorism Act 2000, the Proceeds of Crime Act 2002, the Counter- Terrorism Act 2008, and the Money Laundering Regulations 2017. In addition, there are also EU Directives and the recommendations of the Financial Action Task Force – FATF (Group d’Action Financiėre sur le Blanchiment de Capitaux) that can impact the UK P&I Club and its business.
2.5. There is a requirement under SYSC 3.2.6 of the FCA 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.
2.6. The purpose of this policy is:
2.6.1. To protect the reputation of the UK P&I Club by ensuring there are adequate controls to deter and detect money laundering and to protect its business and that of the Managers and their employees from allegations of money laundering (including any offence connected with money laundering) and any possible criminal or civil actions.
2.6.2. To define the respective roles and responsibilities of the UK P&I Club, the Managers 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 P&I 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, EU Directives and relevant regulatory and legal requirements impacting the UK P&I Club. The policy applies to the UK P&I Club and its staff, any company whose accounts are consolidated with those of the UK P&I Club for the purposes of financial reporting, and the Managers, which have their own policies and procedures in place.
4. Corporate Objectives
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 Boards of the UK P&I Club will ensure compliance with the high level minimum standards and guidance by way of delegated authority to the Managers as set out in paragraph 6.
5.1.2. Where any branch of the UK P&I Club or any office of the Managers is 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 Boards of the UK P&I 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 P&I Club
6.1.1. Ultimate responsibility for compliance with anti-money laundering policy, laws and regulations rests at all times with the Boards of the UK P&I Club.
6.1.2. The specific control for ensuring that the UK (Europe) Board fulfils its responsibilities is undertaken by the Chairman of UK (Europe) as SMF 9/.
6.1.3. The Audit and Risk Committee (GARCO) has responsibility for ensuring that the Club’s policy is being adhered to in practice by the Managers.
6.2. Delegated Functions
6.2.1. The Boards of the UK P&I Club have delegated to the Managers the day to day responsibility for compliance with anti-money laundering policy, laws and regulations and also the reporting and monitoring.
6.2.2. The Managers fulfil their delegated duties to ensure that the UK P&I Club is fully compliant by following the anti-money laundering procedures in place for Thomas Miller. These procedures apply to all Thomas Miller managed businesses worldwide. The Managers have appointed a Money Laundering Reporting Officer (“MLRO”) who is approved by the FCA to perform the SMF 17 role for UK (Europe) and UK (London).
6.2.3. The key point of contact between the UK P&I Club and the Managers 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 (E).
7. Reporting Procedures
7.1. The Boards of the UK P&I Club delegate to GARCO responsibility for ensuring compliance with this policy.
7.2. The Chairman of GARCO is required to make an annual report to the Boards of the UK P&I Club on compliance with the policy.
7.3. GARCO will receive an annual report (or as required) from the Chief Executive Officer of TM P&I (E) on the Managers' compliance with the policy they execute on the UK P&I Club's behalf and with their own policies and procedures.