Frequently asked questions
It is legally obtaining money and then concealing where it came from. It often involves transfers using foreign banks and legitimate businesses.
Failure to report suspicious activity can be illegal and lead to substantial fines. There are numerous regulations that can be used to prosecute people concealing money laundering.
All firms that provide accountancy services, company services, trust or related services (tax or audits) are required to be supervised by a professional body. As stated by the Money Laundering Regulations 2017.
It’s vital that you watch out for red flags and it’s your responsibility to report anything suspicious. It’s good practice for an organisation to have a procedure in place for reporting red flags or suspected fraud. This is known as ‘whistleblowing’. A good whistleblowing procedure should enable you to report possible cases of fraud with complete discretion, often anonymously. Check out our Whistleblowing Training for more information…
Documents & other resources
In a situation where there’s advance knowledge of a suspicious transaction the nominated officer must ask for permission to go ahead with the transaction.
A Politically Exposed Person is someone who is, or has, at any time in the preceding year, been entrusted with a prominent public function by a state; a community institution; or international body.
There are many UK laws designed to DETER financial crime, DETECT abuse of the financial system and DISRUPT criminals. The Money Laundering Regulations is the most important law relating to laundering.
Customers not resident in the UK may have documents in a foreign language - you must satisfy yourself that they really do prove the customer’s identity.
It’s the nominated officer’s job to make an EXTERNAL Suspicious Activity Report if, after assessing an INTERNAL Suspicious Activity Report, they decide it’s necessary. Here’s a some more information..