|
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.
|
|
10 Jun, 2019
Views: 163
|
|
|
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...
|
|
10 Jun, 2019
Views: 161
|
|
|
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: 152
|
|
|
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...
|
|
09 Jun, 2021
Views: 149
|
|
|
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. ...
|
|
10 Jun, 2019
Views: 149
|
|
|
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: 145
|
|
|
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,...
|
|
10 Jun, 2019
Views: 144
|
|
|
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: 143
|
|
|
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: 140
|
|
|
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: 135
|
|
|
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. ...
|
|
10 Jun, 2019
Views: 132
|
|
|
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...
|
|
10 Jun, 2019
Views: 125
|
|
|
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: 124
|
|
|
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.
|
|
10 Jun, 2019
Views: 122
|
|
|
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: 121
|
|
Cookie Settings