Policies and Procedures

Section 19 of the Money Laundering Regulations 2017 recommends that firms should establish and maintain policies, controls, and procedures to mitigate and manage the risks of money laundering and terrorist financing identified in any risk assessment undertaken by the relevant person.

IRIS Elements (v.0) makes is easy for the nominated Money Laundering Reporting Officer (MLRO) to create and maintain policies and procedure documents and store them securely, with a full audit trail. You can use predefined templates or create new from a blank document.

If you're an MLRO, you can:

• Create a policy document
• Edit a policy document
• Delete a policy document
• View a policy document

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Viewing policy versions

When you view a policy document, you can see any previous versions, the time and date it was saved, and the user who created it or last made a change. Select the date link to view the document version, but please note that you can't make any changes to it. 

If you're an MLRO, Admin, or Approver, you can open up a previous version of a document you're editing in a separate tab. This makes it easy to copy relevant content to a new version, without losing your work.