|
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...
|
|
10 Jun, 2019
Views: 373
|
|
|
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.
|
|
10 Jun, 2019
Views: 371
|
|
|
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.
|
|
10 Jun, 2019
Views: 370
|
|
|
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...
|
|
10 Jun, 2019
Views: 368
|
|
|
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.
|
|
10 Jun, 2019
Views: 368
|
|
|
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...
|
|
10 Jun, 2019
Views: 367
|
|
|
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.
|
|
10 Jun, 2019
Views: 362
|
|
|
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.
|
|
10 Jun, 2019
Views: 358
|
|
|
Does the offence of tipping off only apply to persons in the regulated sector?
The offence of tipping off is not only restricted to the regulated sector. It also applies to those who are not in the regulated sector, where any person makes an unlawful disclosure likely to prejudice a money laundering investigation.
|
|
10 Jun, 2019
Views: 352
|
|
|
What is Office for Professional Body AML Supervision (OPBAS)?
The Office for Professional Body Anti-Money Laundering Supervision (OPBAS) is a regulatory body set up by the government and came into effect 18 January 2018.
|
|
10 Jun, 2019
Views: 343
|
|
|
Who does the Anti-Money Laundering regulation apply to?
The regulations apply to a number of sectors, including accountants, financial service businesses, estate agents and solicitors.
|
|
10 Jun, 2019
Views: 341
|
|
|
What is tipping off?
Tipping off is making disclosure any details of a transaction that has been reported, leading to a likely prejudice of a money laundering investigation.
|
|
10 Jun, 2019
Views: 341
|
|
|
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...
|
|
10 Jun, 2019
Views: 339
|
|
|
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...
|
|
10 Jun, 2019
Views: 333
|
|
|
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.
|
|
10 Jun, 2019
Views: 332
|
|
Cookie Settings