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AML ID Checking: Collateral
AML ID Checking placeholder KB for collation of collateral We have collated all the information we think you'll need to get started on the setting up using and reporting within AML ID Checking so that you can get the most out of it for your practice. Starting with AML ID Checking These...
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18 Feb, 2022
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AML Centre: Collateral
TaxCalc's Anti-Money Laundering (AML) Products helps accountants bookkeepers and other finance professionals meet their obligations under the Money Laundering Regulations which apply to their clients and their Firm. We have collated all the information we think you'll need to get started on the...
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18 Feb, 2022
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What are some of the merits of electronic verification?
Electronic verification has many advantages such as: saving time and helping build customer relationships, as it removes the need for the customer to be present while the check is conducted. providing the extra security and reducing the risk of money laundering and fraud, as documentary...
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10 Jun, 2019
Views: 33
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Which customers might pose money laundering risk?
A business might be at the risk of money laundering from: customers who are not local to the business. customers involved in a business that handles large amounts of cash. new customers carrying out large, one-off transactions. a customer introduced to the business – because the person who...
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10 Jun, 2019
Views: 33
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Who is required to submit a Suspicious Activity Report (SAR)?
Under Part 7 of the Proceeds Of Crime Act 2002 (POCA) and the Terrorism Act 2000 (TACT), any persons in the regulated sector are required to submit a Suspicious Activity Report (SAR) in respect of information that comes to them in the course of their business if they know, or suspect, or have...
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10 Jun, 2019
Views: 32
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Who does the money laundering regulations apply to?
The regulations apply to firms and individuals engaged in the following transactions: Managing client money, securities or other assets. Organising contributions necessary for the creation, operation or management of companies. Buying and selling of real property or business entities. ...
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10 Jun, 2019
Views: 32
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What is the role of Office for Professional Body AML Supervision (OPBAS)?
The Office for Professional Body Anti-Money Laundering Supervision's role is to strengthen the UK’s anti-money laundering (AML) supervisory regime and ensure the Professional Body AML Supervisors (PBSs) meet the standards of AML supervision required by the Money Laundering Regulations 2017.
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10 Jun, 2019
Views: 31
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What are the requirements to become a Beneficial Owner, Officer or Manager (BOOM)?
A person shall only qualify as a Beneficial Owner, Officer or Manager (BOOM) of a firm or sole practice within the Accountancy Service Providers (ASPs) sector upon approval from their Anti-Money Laundering (AML) Supervisor. Such an approval will only come following an application to their AML...
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10 Jun, 2019
Views: 31
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What are some of the important factors to consider when using the information mined from electronic databases?
The information mined from databases should be assessed whether it is reliable, comprehensive and accurate by considering if: the system draws on multiple sources. the sources checked across a period of time. there are regular tests to ensure the integrity of the data.
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10 Jun, 2019
Views: 31
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What step can a firm take to mitigate money laundering once risk has been assessed?
The first and the most important defence against money laundering after the risk is assessed is to design effective Client Due Diligence (CDD) procedures that, while being proportionate to the level of risk you have identified, should aim to prevent the firm taking on clients that could be...
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10 Jun, 2019
Views: 30
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What does the term BOOM mean?
BOOM is a terminology adopted within the Accountancy Service Providers (ASPs) sector for Beneficial Owner, Officer or Manager.
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10 Jun, 2019
Views: 30
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Can I submit a Suspicious Activity Report (SAR) if I am not in the regulated sector?
You may have an obligation to submit a Suspicious Activity Report (SAR) even if you are not in a regulated sector. An offence may be committed if: you either have knowledge or suspicion of money laundering activity or criminal property. do something to assist another in dealing with it. fail...
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10 Jun, 2019
Views: 29
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What is Money Laundering?
Money Laundering is the process by which criminal proceeds are sanitised to disguise their illicit origins.
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10 Jun, 2019
Views: 28
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Does information from electronic databases qualify as acceptable form of verification of clients’ identities?
Under the UK’s Anti-Money Laundering regime, information from electronic databases is an acceptable form of verification of clients’ identities.
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10 Jun, 2019
Views: 28
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Why should a firm perform a money laundering risk assessment?
Performing a risk assessment helps identify the areas of the business that are most at risk and enable the firm to focus its resources in these areas.
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10 Jun, 2019
Views: 28
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Who is a Politically Exposed Person (PEP)?
A Politically Exposed Person (PEP) is typically a non-UK or domestic member of parliament, head of state or government, or government minister, their family members and known close associates.
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10 Jun, 2019
Views: 28
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What is the purpose of the Policies and Procedures?
The Policies and Procedures are designed to mitigate money laundering risk exposure, and should reflect the risks identified in practice-wide, client and matter risk assessments.
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10 Jun, 2019
Views: 28
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