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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,...
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10 Jun, 2019
Views: 190
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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: 189
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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...
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10 Jun, 2019
Views: 181
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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: 180
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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: 176
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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: 175
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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: 175
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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: 169
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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: 168
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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. ...
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10 Jun, 2019
Views: 168
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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: 166
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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: 166
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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: 164
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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: 156
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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: 156
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