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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. ...
rating 10 Jun, 2019 Views: 36
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: 36
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: 36
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 10 Jun, 2019 Views: 35
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.
rating 10 Jun, 2019 Views: 35
What approach should businesses use to measure the risk of money laundering?
Firms can decide which areas of their business are at risk of money laundering and put measures in place using what is known as ‘risk-based’ approach.
rating 10 Jun, 2019 Views: 34
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.
rating 10 Jun, 2019 Views: 33
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.
rating 10 Jun, 2019 Views: 32
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.
rating 10 Jun, 2019 Views: 32
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...
rating 10 Jun, 2019 Views: 32
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.
rating 10 Jun, 2019 Views: 31
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.
rating 10 Jun, 2019 Views: 30
Can I be prosecuted if I fail to report a suspicious activity?
If you fail for report a suspicious activity when there is a reasonable basis to suggest a report should have been made, you may be liable to prosecution by the Law Enforcement Agencies (LEAs).
rating 10 Jun, 2019 Views: 29
When should Client Due Diligence be applied to a high value dealer?
For high value dealers, Client Due Diligence (CDD) should be applied when: payments worth €10,000 or more are made to a supplier. an occasional transaction worth €10,000 or more is carried out.
rating 10 Jun, 2019 Views: 28
What are the advantages of the risk-based approach?
Businesses are able to focus their efforts and resources where risks are highest and decide on the most cost-effective way to control money laundering risk by following the steps prescribed by the risk-based approach.
rating 10 Jun, 2019 Views: 28

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