MLR1PP6060 - Penalties Guidance: The purpose of a warning letter: Continued

The purpose of a warning letter is to advise a business about:

• Any breaches we have identified for which we are not going to raise a penalty for these on this occasion
• Any failings or weaknesses that have been identified in the business's anti-money laundering controls and procedures, which if not corrected will lead to a breach in the future
• What action the business must take, or steps they must put in place, to ensure future compliance with the Regulations
• It is effectively an enforcement notice

The warning letter will give the business:

• Formal notification of the advice that they were given during the Compliance Visit
• The opportunity to correct any weaknesses and show that they are exercising all due diligence and taking reasonable steps to comply with the Regulations