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Who does the money laundering regulations apply to?
The regulations apply to firms and individuals engaged in the following transactions: Managing client money, securities or other assets. Organising contributions necessary for the creation, operation or management of companies. Buying and selling of real property or business entities. ...
rating 10 Jun, 2019 Views: 31
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...
rating 10 Jun, 2019 Views: 29
What step can a firm take to mitigate money laundering once risk has been assessed?
The first and the most important defence against money laundering after the risk is assessed is to design effective Client Due Diligence (CDD) procedures that, while being proportionate to the level of risk you have identified, should aim to prevent the firm taking on clients that could be...
rating 10 Jun, 2019 Views: 29
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: 29
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: 28
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: 28
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: 28
What is Money Laundering?
Money Laundering is the process by which criminal proceeds are sanitised to disguise their illicit origins.
rating 10 Jun, 2019 Views: 27
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: 27
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: 27
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: 27
What are some of the factors to consider in performing firm-wide risk assessment?
Money Laundering Regulations 2017 (MLR17) acknowledges that firms can take into account the size and nature of the business in designing their own firm-wide risk assessment.
rating 10 Jun, 2019 Views: 26
Can I submit a Suspicious Activity Report (SAR) if I am not in the regulated sector?
You may have an obligation to submit a Suspicious Activity Report (SAR) even if you are not in a regulated sector. An offence may be committed if: you either have knowledge or suspicion of money laundering activity or criminal property. do something to assist another in dealing with it. fail...
rating 10 Jun, 2019 Views: 26
What are the secondary offences under the Money Laundering regulation?
There are two secondary offences under the money laundering regulation: Tipping-off, where someone informs a person or people who are, or are suspected of, being involved in money laundering in such a way as to reduce the likelihood of their being investigated or prejudicing an investigation. ...
rating 10 Jun, 2019 Views: 26
Why should a firm perform a money laundering risk assessment?
Performing a risk assessment helps identify the areas of the business that are most at risk and enable the firm to focus its resources in these areas.
rating 10 Jun, 2019 Views: 25

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