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What are the advantages of the risk-based approach?
Businesses are able to focus their efforts and resources where risks are highest and decide on the most cost-effective way to control money laundering risk by following the steps prescribed by the risk-based approach.
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10 Jun, 2019
Views: 354
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AML search results for Powys residents.
We have been made aware of an ongoing issue between Equifax, our AML partners, and Powys Council in Wales. Equifax have not had access to the Powys Council Electoral Roll since 30 November 2017. This means that any searches made on residents of Powys Council may not have returned a correct...
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18 Jul, 2018
Views: 329
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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...
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04 Apr, 2023
Views: 327
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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.
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04 Apr, 2023
Views: 278
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What are the legal responsibilities of an accountant to report suspicions?
Accountants are legally obliged to report any knowledge or suspicion, or grounds for either. Full definitions can be found in the government’s advice document AML Guidance for the Accountancy Sector Any employee is legally obliged to report suspicions to their Money Laundering Reporting...
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12 Jun, 2019
Views: 244
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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,...
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16 Jul, 2019
Views: 232
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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.
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10 Jun, 2019
Views: 219
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Can I run a Sanctions check via AML Centre?
Yes. Within the Client Due Diligence area of AML Centre, start an Identification stage for a client and go to Client Information. At the foot of the screen, select ‘Yes’ to ‘Do you want to run a sanctions check?’ A new child page ‘Sanctions check’ will appear. Search Sanctions...
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26 Mar, 2020
Views: 218
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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...
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10 Jun, 2019
Views: 187
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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.
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10 Jun, 2019
Views: 186
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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...
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10 Jun, 2019
Views: 181
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How do I assess money laundering risk on firm-wide basis?
To assess the money laundering risk, you must consider the likelihood of the risk occurring and the impact if the risk occurs.
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10 Jun, 2019
Views: 179
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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...
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10 Jun, 2019
Views: 176
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What is Money Laundering?
Money Laundering is the process by which criminal proceeds are sanitised to disguise their illicit origins.
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10 Jun, 2019
Views: 169
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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...
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10 Jun, 2019
Views: 162
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