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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.
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10 Jun, 2019
Views: 121
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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: 119
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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.
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10 Jun, 2019
Views: 119
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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: 118
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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: 118
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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...
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10 Jun, 2019
Views: 116
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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: 114
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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: 114
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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: 111
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What is Office for Professional Body AML Supervision (OPBAS)?
The Office for Professional Body Anti-Money Laundering Supervision (OPBAS) is a regulatory body set up by the government and came into effect 18 January 2018.
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10 Jun, 2019
Views: 106
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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: 106
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What should a Beneficial Owner, Officer or Manager (BOOM) do when they become subject of a relevant criminal conviction?
If an individual who has been approved as a Beneficial Owner, Officer or Manager (BOOM) becomes subject to a relevant criminal conviction, then they must inform their AML Supervisor within 30 days of the conviction. They must also inform their firm within 30 days of when they become aware of the...
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10 Jun, 2019
Views: 104
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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: 101
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What happens if a Beneficial Owner becomes a subject of a criminal conviction?
When a Beneficial Owner becomes the subject of criminal conviction, the High Court, upon the application to the requisite AML Supervisor, can make an order to sell the Beneficial Owner’s interest in the firm.
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10 Jun, 2019
Views: 101
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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: 98
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