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What are some of the merits of electronic verification?
Electronic verification has many advantages such as: saving time and helping build customer relationships, as it removes the need for the customer to be present while the check is conducted. providing the extra security and reducing the risk of money laundering and fraud, as documentary...
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10 Jun, 2019
Views: 275
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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: 264
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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: 260
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Who is a Politically Exposed Person (PEP)?
A Politically Exposed Person (PEP) is typically a non-UK or domestic member of parliament, head of state or government, or government minister, their family members and known close associates.
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10 Jun, 2019
Views: 259
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What does the term BOOM mean?
BOOM is a terminology adopted within the Accountancy Service Providers (ASPs) sector for Beneficial Owner, Officer or Manager.
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10 Jun, 2019
Views: 254
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What is Suspicious Activity Report (SAR)?
A Suspicious Activity Report (SAR) is a piece of information alerting Law Enforcement Agencies (LEAs) that certain client/customer activity is in some way suspicious and might indicate money laundering or terrorist financing.
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10 Jun, 2019
Views: 248
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What are the requirements to become a Beneficial Owner, Officer or Manager (BOOM)?
A person shall only qualify as a Beneficial Owner, Officer or Manager (BOOM) of a firm or sole practice within the Accountancy Service Providers (ASPs) sector upon approval from their Anti-Money Laundering (AML) Supervisor. Such an approval will only come following an application to their AML...
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10 Jun, 2019
Views: 238
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Does information from electronic databases qualify as acceptable form of verification of clients’ identities?
Under the UK’s Anti-Money Laundering regime, information from electronic databases is an acceptable form of verification of clients’ identities.
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10 Jun, 2019
Views: 235
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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.
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10 Jun, 2019
Views: 234
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What additional obligations are required from regulated firms?
In addition to the stipulated regulations, authorised firms are required to meet additional, but complementary regulatory obligation, to apply policies and procedures to minimise their money laundering risk.
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10 Jun, 2019
Views: 233
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What is the penalty for tipping off?
The penalty for tipping off can be an unlimited fine and or imprisonment of up to 5 years.
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10 Jun, 2019
Views: 232
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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: 232
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What is Client Due Diligence (CDD)?
Client Due Diligence (CDD) means taking the relevant steps to identify customers and checking they are who they say they are.
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10 Jun, 2019
Views: 231
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What is the purpose of the Policies and Procedures?
The Policies and Procedures are designed to mitigate money laundering risk exposure, and should reflect the risks identified in practice-wide, client and matter risk assessments.
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10 Jun, 2019
Views: 229
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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,...
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10 Jun, 2019
Views: 228
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