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Which professional bodies have been approved and adopted in the UK?
There are 22 Professional Body AML Supervisors (PBSs) overseen by the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) and are listed in Schedule 1 to the Money Laundering Regulations 2017 (MLR 2017): Association of Accounting Technicians Association of Chartered...
rating 10 Jun, 2019 Views: 81
How can I see whether identity evidence has expired?
New report columns are available for AML report customisations to highlight when identification evidence is due to expire. Once your clients have provided their identity evidence, it is important to ensure your records are kept up-to-date. Therefore, we have introduced additional selection when...
rating 27 Nov, 2019 Views: 72
What do you do after you have carried out a risk assessment?
Once a risk assessment has been completed: policies, controls and procedures need to be put in place to reduce any risk of money laundering identified. businesses should be monitored on an on-going basis, to ensure controls are effective. any suspicious activity or transactions should be...
rating 10 Jun, 2019 Views: 70
How to customise Client Risk Assessment?
Risk assessments can only be customised by the MLRO. Launch AML Centre > Firm Wide Compliance. Go to Internal control > Customise Risk Assessment. Go to client risk assessment , highlight the available TaxCalc default template and hit duplicate. Give a customised name to the template....
rating 09 Sep, 2020 Views: 70
When should you apply Customer Due Diligence (CDD)?
Customer Due Diligence (CDD) should be applied when: establishing a business relationship with a customer. there is a suspicion of money laundering or terrorist financing. there are doubts about a customer’s identification information obtained previously. it becomes necessary, for example,...
rating 10 Jun, 2019 Views: 63
Which customer behaviour might indicate potential risk of money laundering?
Behaviour that might suggest money laundering risk could be when a customer: does not want to give identification, or provides an identification that is not satisfactory. does not want to reveal the name of a person they represent. enters into transactions that do not make commercial sense. ...
rating 10 Jun, 2019 Views: 63
Are there any prerequisites to running an AML Identity Check?
The following minimum data is required to run an AML Identity Check: Surname Forename Date of birth UK residential address.
rating 01 Sep, 2020 Views: 62
Can electronic identification be used as the only source of verification?
The Anti-Money Laundering regulations is not prescriptive. The onus is on the businesses to satisfy themselves of clients’ identities on a case by case basis. Electronic identification can be used as part of the wider process or, where appropriate, the only source of identification.
rating 10 Jun, 2019 Views: 57
What are the key steps in performing an effective firm-wide risk assessment?
There are three key steps in performing an effective firm-wide risk assessment: identifying the money laundering risks faced by different areas of the business, clients and market served by the firm. assessing each risk identified by considering the likelihood of it occurring and the resulting...
rating 10 Jun, 2019 Views: 57
Who should I be supervised by for Money Laundering Regulations?
If your business is within the tax and accounting sector, you or your firm must be supervised. This includes sole practitioners and principals in partnerships/limited liability partnerships and companies. For Money Laundering Regulations, the main supervisory bodies for accountants, bookkeepers,...
rating 16 Jul, 2019 Views: 56
What is the AML stipulation on spent convictions?
Though the regulation is somewhat silent on spent convictions, interpretation appears to be that spent convictions are not considered to be relevant criminal convictions. It is however, strongly advised to seek clarity from the requisite AML Supervisor.
rating 10 Jun, 2019 Views: 55
Who is a Beneficial Owner?
In the case of a body corporate, a Beneficial Owner means any individual who: as respects any body other than a company whose securities are listed on a regulated market, ultimately owns, or controls (whether through direct or indirect ownership or control, including through bearer share...
rating 10 Jun, 2019 Views: 54
What is an Anti-Money Laundering electronic verification?
An electronic verification involves calling upon several data sources to verify a customer rather than relying on documentary evidence.
rating 10 Jun, 2019 Views: 51
What are some of the important factors to consider when using the information mined from electronic databases?
The information mined from databases should be assessed whether it is reliable, comprehensive and accurate by considering if: the system draws on multiple sources. the sources checked across a period of time. there are regular tests to ensure the integrity of the data.
rating 10 Jun, 2019 Views: 51
What is the role of Office for Professional Body AML Supervision (OPBAS)?
The Office for Professional Body Anti-Money Laundering Supervision's role is to strengthen the UK’s anti-money laundering (AML) supervisory regime and ensure the Professional Body AML Supervisors (PBSs) meet the standards of AML supervision required by the Money Laundering Regulations 2017.
rating 10 Jun, 2019 Views: 46

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