Archive for March, 2008

Q. What is Customer Due Diligence?

March 03, 2008  |   General Information & FAQ's   |     |   0 Comment

Customer Due Diligence (CDD) is a key part of the anti-money laundering requirements. They ensure that businesses know who their clients are, what their clients business are and do. They help ensure that you do not accept clients unknowingly which are outside your normal risk tolerance, or whose business you ...

Q. What are the Specific Breaches of the Money Laundering Regulations?

The specific failings and breaches which are clearly defined within the Money Laundering Regulations 2007 are; Regulation 7 – Failure to apply appropriate risk-sensitive customer due diligence measures Regulation 8 – Failure to apply appropriate and risk-sensitive ongoing monitoring of a business relationship Regulation 9 – Failure to comply with the requirements in ...

Q. I am just starting out in business in the regulated sector, what should I do?

Your first requirement before commencing work is to be registered for compliance supervision with an appropriate supervisor. To commence in business without the appropriate registration means you are committing a criminal offence. The penalty for this is up to a maximum of £5,000 if the breach was a failure to take ...

Q. What is my supervisor looking for me to do?

In simple terms there are four main things which all firms must do and be able to demonstrate compliance to a Supervisor, they are:- Your firm must adopt appropriate policies and procedures for compliance for which the MLRO must implement into the systems of the firm. Ensure that all staff have adequate ...

Q. I am an estate agent who is my supervisor?

March 03, 2008  |   General Information & FAQ's,Professional Bodies   |     |   0 Comment

The Office of Fair Trading (OFT) is the supervisory authority for estate agents who fall under S1 of the Estate Agents Act 1979. Enforcement and monitoring visits will be conducted by officers of TSS locally.

Q. I am an accountancy service provider, who is my supervisor?

HM Treasury approved Professional Bodies for supervisory purposes are; 1. Association of Chartered Certified Accountants 2. Institute of Chartered Accountants in England and Wales 3. Institute of Chartered Accountants in Scotland 4. Institute of Chartered Accountants of Ireland 5. Association of Accounting Technicians 6. Association of International Accountants 7. Association of Taxation Technicians 8. Chartered Institute of Management ...

Q. What is the Proceeds of Crime Act 2002?

March 03, 2008  |   General Information & FAQ's   |     |   0 Comment

POCA is the UK's primary money laundering legislation.  Chapter 7 sets aout the predicate offences of money laundering applicable to all, S327 Conceals, S328 Arrangement and S329 and Aquires. Chapter 7 is also the area that concerns the professional in the regulated sector. It places a responsability on all employees in the regulated sector to ...

Q. What are the Money Laundering Regulations?

March 03, 2008  |   General Information & FAQ's   |     |   0 Comment

The ML Regulations are the UK's secondary legislation in the AML/CFT regime. they where first introduced in 1993 and the 2007 Regulations are just the latest version. The 2003 Regulations, effective 1 March 2004 bough the professional such as the accountant, estate agent or solicitor into the regulated sector. The Regulations ...