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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 factors to consider in performing firm-wide risk assessment?
Money Laundering Regulations 2017 (MLR17) acknowledges that firms can take into account the size and nature of the business in designing their own firm-wide risk assessment.
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10 Jun, 2019
Views: 27
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What are the secondary offences under the Money Laundering regulation?
There are two secondary offences under the money laundering regulation: Tipping-off, where someone informs a person or people who are, or are suspected of, being involved in money laundering in such a way as to reduce the likelihood of their being investigated or prejudicing an investigation. ...
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10 Jun, 2019
Views: 27
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What approach should businesses use to measure the risk of money laundering?
Firms can decide which areas of their business are at risk of money laundering and put measures in place using what is known as ‘risk-based’ approach.
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10 Jun, 2019
Views: 26
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Does the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) supervise the accountancy sector?
The Office for Professional Body Anti-Money Laundering Supervision (OPBAS) aims to improve consistency of professional body AML supervision in the accountancy and legal sectors, but does not directly supervise legal and accountancy firms. The Office for Professional Body Anti-Money Laundering...
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10 Jun, 2019
Views: 25
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What constitutes the risk-based approach?
The risk-based approach involves: identifying the money laundering risks that are relevant to a business. carrying out a detailed risk assessment of businesses, focusing on customer behaviour, delivery channels, etc. carrying out risk assessment of customers. designing and putting in place...
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10 Jun, 2019
Views: 25
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Can I run a Sanctions check via AML Centre?
Yes. Within the Client Due Diligence area of AML Centre, start an Identification stage for a client and go to Client Information. At the foot of the screen, select ‘Yes’ to ‘Do you want to run a sanctions check?’ A new child page ‘Sanctions check’ will appear. Search Sanctions...
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26 Mar, 2020
Views: 25
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Who does the Anti-Money Laundering regulation apply to?
The regulations apply to a number of sectors, including accountants, financial service businesses, estate agents and solicitors.
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10 Jun, 2019
Views: 23
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What additional obligations are required from regulated firms?
In addition to the stipulated regulations, authorised firms are required to meet additional, but complementary regulatory obligation, to apply policies and procedures to minimise their money laundering risk.
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10 Jun, 2019
Views: 23
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When should Client Due Diligence be applied to a high value dealer?
For high value dealers, Client Due Diligence (CDD) should be applied when: payments worth €10,000 or more are made to a supplier. an occasional transaction worth €10,000 or more is carried out.
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10 Jun, 2019
Views: 22
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What is tipping off?
Tipping off is making disclosure any details of a transaction that has been reported, leading to a likely prejudice of a money laundering investigation.
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10 Jun, 2019
Views: 22
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What is Suspicious Activity Report (SAR)?
A Suspicious Activity Report (SAR) is a piece of information alerting Law Enforcement Agencies (LEAs) that certain client/customer activity is in some way suspicious and might indicate money laundering or terrorist financing.
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10 Jun, 2019
Views: 21
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What is the penalty for money laundering in the UK?
Money laundering under the Proceeds of Crime Act can lead to a sentence of up to 14 years in jail, or a large fine.
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10 Jun, 2019
Views: 21
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What are some of the services not regulated?
Reflecting the lower risk of exposure to money laundering, payment of cost to lawyers, provision of legal advice, participation in litigation and will-writing are not regulated.
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10 Jun, 2019
Views: 21
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When should a Suspicious Activity Report (SAR) be submitted?
A Suspicious Activity Report (SAR) should be submitted as soon as practical, if you know or suspect that a person is dealing in criminal property or engaged in money laundering.
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10 Jun, 2019
Views: 20
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What is the penalty for tipping off?
The penalty for tipping off can be an unlimited fine and or imprisonment of up to 5 years.
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10 Jun, 2019
Views: 20
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