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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...
rating 10 Jun, 2019 Views: 60
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...
rating 10 Jun, 2019 Views: 58
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: 58
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: 57
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.
rating 10 Jun, 2019 Views: 56
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: 56
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: 55
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: 55
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: 54
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: 50
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: 50
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: 48
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. ...
rating 10 Jun, 2019 Views: 48
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...
rating 10 Jun, 2019 Views: 45
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.
rating 10 Jun, 2019 Views: 45

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