Knowledgebase Support HMRC Useful links
Knowledgebase home
Tax Return Production
Accounts Production
Practice Management
VAT Filer
CloudConnect
Anti-Money Laundering
Support home
Video Training Guides
NEW

Hot Topics
SimpleStep Guides
Release Notes
Technical
Known Issues

Service Status
Useful Links
MTD for Agents MTD for Businesses What is MTD
Preparation
Agent Services Account
MTD for VAT
MTD for Income Tax
MTD for VAT
Digital Record Keeping
Quarterly Updates
Step-by-step Guide
HMRC's MTD Timeline
TaxCalc's MTD Journey
Which customer behaviour might indicate potential risk of money laundering?
Behaviour that might suggest money laundering risk could be when a customer: does not want to give identification, or provides an identification that is not satisfactory. does not want to reveal the name of a person they represent. enters into transactions that do not make commercial sense. ...
rating 10 Jun, 2019 Views: 71
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.
rating 10 Jun, 2019 Views: 66
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: 66
Does the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) supervise the accountancy sector?
The Office for Professional Body Anti-Money Laundering Supervision (OPBAS) aims to improve consistency of professional body AML supervision in the accountancy and legal sectors, but does not directly supervise legal and accountancy firms. The Office for Professional Body Anti-Money Laundering...
rating 09 Jun, 2021 Views: 65
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: 61
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: 58
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: 58
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: 57
What are some of the factors that businesses need to consider in deciding how to carry out risk assessment?
In deciding how to carry out a risk assessment, firms can consider: the size and structure of their business. the range of activities the business carries out and the nature of the products and services it supplies.
rating 10 Jun, 2019 Views: 57
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: 56
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: 56
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: 54
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: 51
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: 51
Which customers might pose money laundering risk?
A business might be at the risk of money laundering from: customers who are not local to the business. customers involved in a business that handles large amounts of cash. new customers carrying out large, one-off transactions. a customer introduced to the business – because the person who...
rating 10 Jun, 2019 Views: 50

Prev Next
1 2 3 4 5