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What does the term BOOM mean?
BOOM is a terminology adopted within the Accountancy Service Providers (ASPs) sector for Beneficial Owner, Officer or Manager.
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10 Jun, 2019
Views: 87
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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.
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10 Jun, 2019
Views: 85
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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.
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10 Jun, 2019
Views: 84
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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.
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10 Jun, 2019
Views: 83
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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. ...
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10 Jun, 2019
Views: 83
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When should a Suspicious Activity Report (SAR) be submitted?
A Suspicious Activity Report (SAR) should be submitted as soon as practical, if you know or suspect that a person is dealing in criminal property or engaged in money laundering.
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10 Jun, 2019
Views: 82
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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...
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10 Jun, 2019
Views: 79
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Who is required to submit a Suspicious Activity Report (SAR)?
Under Part 7 of the Proceeds Of Crime Act 2002 (POCA) and the Terrorism Act 2000 (TACT), any persons in the regulated sector are required to submit a Suspicious Activity Report (SAR) in respect of information that comes to them in the course of their business if they know, or suspect, or have...
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10 Jun, 2019
Views: 77
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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.
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10 Jun, 2019
Views: 77
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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.
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10 Jun, 2019
Views: 75
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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.
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10 Jun, 2019
Views: 74
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What is the maximum sentence for acting as a Beneficial Owner, Officer or Manager (BOOM) when subject to a relevant criminal conviction?
The maximum sentence for acting as a Beneficial Owner, Officer or Manager (BOOM) when subject to a relevant criminal conviction is 2 years.
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10 Jun, 2019
Views: 70
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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.
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10 Jun, 2019
Views: 70
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What constitutes the risk-based approach?
The risk-based approach involves: identifying the money laundering risks that are relevant to a business. carrying out a detailed risk assessment of businesses, focusing on customer behaviour, delivery channels, etc. carrying out risk assessment of customers. designing and putting in place...
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10 Jun, 2019
Views: 68
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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. ...
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10 Jun, 2019
Views: 68
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