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What should a Beneficial Owner, Officer or Manager (BOOM) do when they become subject of a relevant criminal conviction?
If an individual who has been approved as a Beneficial Owner, Officer or Manager (BOOM) becomes subject to a relevant criminal conviction, then they must inform their AML Supervisor within 30 days of the conviction. They must also inform their firm within 30 days of when they become aware of the...
rating 10 Jun, 2019 Views: 264
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: 256
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: 254
What does the term BOOM mean?
BOOM is a terminology adopted within the Accountancy Service Providers (ASPs) sector for Beneficial Owner, Officer or Manager.
rating 10 Jun, 2019 Views: 248
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.
rating 10 Jun, 2019 Views: 242
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.
rating 10 Jun, 2019 Views: 241
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...
rating 10 Jun, 2019 Views: 233
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: 227
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.
rating 10 Jun, 2019 Views: 227
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.
rating 10 Jun, 2019 Views: 227
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.
rating 10 Jun, 2019 Views: 227
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.
rating 10 Jun, 2019 Views: 225
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.
rating 10 Jun, 2019 Views: 224
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.
rating 10 Jun, 2019 Views: 222
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: 221

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