At Plymouth Crown Court on 28 November 2008, the Plymouth Asset Recovery Unit secured a confiscation order in the sum of £37,085.00 against a local unemployed man.
The Money Laundering Regulations require relevant businesses to carry out Customer Due Diligence on their customers. This may involve asking for documentary evidence of a customer’s identity. The UK Borders Agency has announced a new ID card for foreign nationals which will begin a roll out programme starting on the 25 November 2008.
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 is the first time the FSA has fined a money laundering reporting officer.
A SAR should be made as soon as the knowledge or suspicion that criminal proceeds exist has arisen, especially if consent may be required, or at the earliest opportunity thereafter.
Accountancy services include the recording, review, analysis, calculation or reporting of financial information and covers professional bookkeeping services, preparing or signing accounts or certificates of financial information concerning a person’s or organisation’s financial affairs, and advising on tax.
The Serious Crime Act 2007 extends the Civil Recovery and Taxation powers of the Assets Recovery Agency to SOCA and, also, the Civil Recovery powers to the major prosecuting bodies. This is a significant step towards mainstreaming the powers across law enforcement agencies. The Act also provided for the merger of ARA and SOCA, with the effect that from 1st April 2008, SOCA will undertake civil recovery and tax investigations in England and Wales and Northern Ireland.
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.
The specific failings and breaches which are clearly defined within the Money Laundering Regulations 2007 and may attract civil or criminal procedures from your supervisor
Your first requirement before commencing work is to be registered for compliance supervision with an appropriate supervisor.
In simple terms there are four main things which all firms must do and be able to demonstrate compliance to a Supervisor,