UK Money Laundering Regulations (MLR) Framework
We have added comprehensive support for the United Kingdom Money Laundering Regulations framework to Cable’s automated control testing platform. UK-regulated financial institutions can now automate compliance testing across all MLR requirements, ensuring continuous adherence to anti-money laundering obligations.
Key Features:
- Customer Due Diligence: Automated testing for identity verification, beneficial ownership identification, and risk-based customer assessments.
- Enhanced Due Diligence: Comprehensive coverage for testing controls related to high-risk customers, including politically exposed persons (PEPs) and customers from high-risk third countries.
- Ongoing Monitoring: Automated testing of transaction monitoring systems and periodic customer review processes.
- Suspicious Activity Reporting: Testing of processes for identifying and reporting suspicious activities to the National Crime Agency (NCA).
This framework enables banks and fintechs subject to UK financial regulations to achieve continuous, automated compliance testing, moving beyond sampling-based approaches to comprehensive control effectiveness validation.