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What agency is responsible for fighting money laundering? Lernen beginnen
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National Crime Agency (NCA).
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Which Act relates to criminal property? Lernen beginnen
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Proceeds of Crime Act (POCA) 2002
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What Act deals with conduct that was deemed to include anything which would have been an offence had it been committed in the UK, regardless of where it actually happened? (Spanish bullfighter issue) Lernen beginnen
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Serious Organised Crime and Police Act (SOCPA) 2005
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What Act deals with tax evasion? Lernen beginnen
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The Criminal Finances Act 2017
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What act covers the know your customer requirements? Lernen beginnen
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Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 simply: MLR 2017
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Which group of trade bodies publishes guidance on how firms should interpret AML regulations? Lernen beginnen
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Joint Money Laundering Steering Group (JMLSG) based on: Senior Management Arrangements, Systems and Controls (SYSC) Sourcebook
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POCA establishes five offences: 5 The Proceeds of Crime Act 2002 Lernen beginnen
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Concealing. | Arrangements*. | Acquisition, use and possession. | Failure to disclose. | Tipping off. CAAFT *it could include a person working within a financial organisation giving advice on a transaction.
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Money laundering: Concealing, Arrangements and Acquisition are punishable by a jail term up to... Lernen beginnen
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Money laundering. The Failures to disclose offence covers relevant: Knowledge, | Suspicion or... Lernen beginnen
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The person does not make the required disclosure to a nominated officer (NO). Such as the firm’s money laundering reporting officer (MLRO).
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All three* Failure to disclose offences are are punishable by a jail term of up... *Relevant knowledge, suspicion, and not making a disclosure to a nominated officer (NO). Lernen beginnen
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Money laundering. Tipping off is punishable by a jail term a up to... Lernen beginnen
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It is possible to commit this offence even if you do not know that a report has actually been made.
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Money laundering. What is an objective test? Lernen beginnen
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asks whether a reasonable person would have known or suspected ML, regardless of whether the person actually knew or suspected it.
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Money laundering. Prejudicing investigations, is punishable by a jail term a up to... Lernen beginnen
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READ: 2 offences: Make a disclosure that is likely to prejudice an investigation. | Falsify, conceal or destroy documents relevant to an investigation, or permit such falsification.
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3 stages of a money laundering 3 Lernen beginnen
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1. Placement. 2. Layering. 3. Integration. PLI
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The MLRO is an FCA-required function under the SM&CR, so the individual is required to be approved by the regulator. Lernen beginnen
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National Crime Agency
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MRLO may supported by a separate... Lernen beginnen
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How many parts consits the JMLSG Guidance? Joint Money Laundering Steering Group Lernen beginnen
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General guidance, / Sectoral guidance, / Specialist gudeance (relating to electronic payments)
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The JMLSG Guidance is endorsed by... Lernen beginnen
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HM Treasury (therefore it does not form part of the FCA’s Handbook).
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The JMLSG Guidance approach is... Lernen beginnen
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JMLSG Guidance sets out how authorised firms should manage their risk in terms of ML and... Lernen beginnen
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... Terrorist Financing (TF).
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Lernen beginnen
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Politically Exposed Person
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Lernen beginnen
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Lernen beginnen
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Applied in 6 specific circumstances (not provided).
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For non-personal customers it will be necessary to conduct identy checks on on public registers, such as... Lernen beginnen
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Lernen beginnen
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for low risk persons, such as listed companies, UK public authorities etc.
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Under the definition of a PEP, a firm’s obligation to apply EDD measures to an individual ceases after they have left office for... t i m e Lernen beginnen
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Firms are no longer required to apply EDD measures to family members or close associates of a PEP when... Lernen beginnen
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PEP when the PEP is no longer entrusted with a prominent public function.
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Lernen beginnen
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‘an individual who is or has, at any time in the preceding year, been entrusted with prominent public functions, other than as a middle-ranking or more junior official’.
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KYC activities may involve using data from... Lernen beginnen
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credit reference agencies.
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