Archive for October, 2008

FSA fines firm and MLRO for money laundering controls failings

October 29, 2008  |   General News & Cases,Professional Bodies   |     |   0 Comment

FSA fines firm and MLRO for money laundering controls failings The Financial Services Authority (FSA) has today fined Sindicatum Holdings Limited (SHL) £49,000 and its money laundering reporting officer (MLRO), Michael Wheelhouse, £17,500 for not having adequate anti-money laundering systems and controls in place for verifying and recording clients’ identities. This ...

Q. When do I submit a SAR to SOCA?

October 04, 2008  |   General Information & FAQ's,SOCA - Latest News   |     |   0 Comment

The Proceeds of Crime Act 2002 expanded, reformed and consolidated the UK's criminal money laundering offences. Most of the offences under the Act apply to all individuals and businesses in the UK, however, some apply only to those doing business in the 'regulated sector'.   A SAR should be made as ...