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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: 161
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What constitutes the act of money laundering?
Money laundering constitutes: concealing, discussing, converting and transferring criminal property, or removing it from the UK. entering into, or becoming concerned in, an arrangement which you know, or suspect, facilitates the acquisition, retention, use or control of criminal property by,...
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10 Jun, 2019
Views: 159
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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.
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10 Jun, 2019
Views: 159
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What determines the length of sentence for money laundering offence?
The length of the sentence largely depends on the amount of money involved. The seriousness of the offence increases with the amount of cash laundered.
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10 Jun, 2019
Views: 158
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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).
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10 Jun, 2019
Views: 139
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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.
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10 Jun, 2019
Views: 133
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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: 129
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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: 128
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What are the obligations upon becoming suspicious of a client or transaction?
A SAR should be made to the relevant Money Laundering Reporting Officer (MLRO) upon becoming suspicious of a client or transaction.
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10 Jun, 2019
Views: 127
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What is the penalty for money laundering in the UK?
Money laundering under the Proceeds of Crime Act can lead to a sentence of up to 14 years in jail, or a large fine.
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10 Jun, 2019
Views: 117
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Does the money laundering regulation apply if a firm does a mixture of regulated and unregulated work?
If a firm does a mixture of regulated and unregulated work, the Money Laundering Regulations only apply to the regulated aspects.
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10 Jun, 2019
Views: 116
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What are some of the services not regulated?
Reflecting the lower risk of exposure to money laundering, payment of cost to lawyers, provision of legal advice, participation in litigation and will-writing are not regulated.
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10 Jun, 2019
Views: 107
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