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What agency is responsible for fighting money laundering? Lernen beginnen
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National Crime Agency (NCA).
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Which Act relates to criminal property? Lernen beginnen
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Proceeds of Crime Act (POCA) 2002
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What Act deals with conduct that was deemed to include anything which would have been an offence had it been committed in the UK, regardless of where it actually happened? (Spanish bullfighter issue) Lernen beginnen
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Serious Organised Crime and Police Act (SOCPA) 2005
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What Act deals with tax evasion? Lernen beginnen
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The Criminal Finances Act 2017
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What act covers the know your customer requirements? Lernen beginnen
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Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 simply: MLR 2017
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Which group of trade bodies publishes guidance on how firms should interpret AML regulations? Lernen beginnen
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Joint Money Laundering Steering Group (JMLSG) based on: Senior Management Arrangements, Systems and Controls (SYSC) Sourcebook
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POCA establishes five offences: 5 The Proceeds of Crime Act 2002 Lernen beginnen
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Concealing. | Arrangements*. | Acquisition, use and possession. | Failure to disclose. | Tipping off. CAAFT *it could include a person working within a financial organisation giving advice on a transaction.
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Money laundering: Concealing, Arrangements and Acquisition are punishable by a jail term up to... Lernen beginnen
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Money laundering. The Failures to disclose offence covers relevant: Knowledge, | Suspicion or... Lernen beginnen
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The person does not make the required disclosure to a nominated officer (NO). Such as the firm’s money laundering reporting officer (MLRO).
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All three* Failure to disclose offences are are punishable by a jail term of up... *Relevant knowledge, suspicion, and not making a disclosure to a nominated officer (NO). Lernen beginnen
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Money laundering. Tipping off is punishable by a jail term a up to... Lernen beginnen
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It is possible to commit this offence even if you do not know that a report has actually been made.
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Money laundering. What is an objective test? Lernen beginnen
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asks whether a reasonable person would have known or suspected ML, regardless of whether the person actually knew or suspected it.
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Money laundering. Prejudicing investigations, is punishable by a jail term a up to... Lernen beginnen
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READ: 2 offences: Make a disclosure that is likely to prejudice an investigation. | Falsify, conceal or destroy documents relevant to an investigation, or permit such falsification.
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3 stages of a money laundering 3 Lernen beginnen
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1. Placement. 2. Layering. 3. Integration. PLI
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The MLRO is an FCA-required function under the SM&CR, so the individual is required to be approved by the regulator. Lernen beginnen
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National Crime Agency
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MRLO may supported by a separate... Lernen beginnen
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How many parts consits the JMLSG Guidance? Joint Money Laundering Steering Group Lernen beginnen
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3 parts - General guidance, Sectoral guidance, / Specialist guidance (relating to electronic payments).
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The JMLSG Guidance is endorsed by... Lernen beginnen
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Treasury (therefore it does not form part of the FCA’s Handbook).
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The JMLSG Guidance approach is __-based. Lernen beginnen
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JMLSG Guidance sets out how authorised firms should manage their risk in terms of ML and... Lernen beginnen
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... Terrorist Financing (TF).
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Lernen beginnen
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Politically Exposed Person
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Lernen beginnen
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Lernen beginnen
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Applied in 6 specific circumstances (not provided).
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For non-personal customers it will be necessary to conduct identity checks on on public registers, such as... Lernen beginnen
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Lernen beginnen
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for low risk persons, such as listed companies, UK public authorities etc.
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Under the definition of a PEP, a firm’s obligation to apply EDD measures to an individual ceases after they have left office for... t i m e Lernen beginnen
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Firms are no longer required to apply EDD measures to family members or close associates of a PEP when... Lernen beginnen
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... when the PEP is no longer entrusted with a prominent public function.
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Lernen beginnen
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‘an individual who is or has, at any time in the preceding year, been entrusted with prominent public functions, other than as a middle-ranking or more junior official’.
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KYC activities may involve using data from... Lernen beginnen
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credit reference agencies.
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Nominated Officer vs MRLO: Lernen beginnen
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The NO is the person a firm designates to report to the NCA. | The MLRO is often the same person and is responsible for the broader function of ensuring the firm's compliance with AML regulations, legal duty vs compliance duty
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Lernen beginnen
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Suspicious Activity Report
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MRLO resposibilities: | Policy Development and Implementation, | Monitoring and Reporting, | Training and Awareness, | Regulatory Compliance and Liaison, | Record Keeping and... Lernen beginnen
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As an approved person, the MLRO is subject to the... Lernen beginnen
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to the Senior Managers Regime SM&CR
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CCD Records. As part of overall financial crime and terrorist financing prevention obligations, firms are required to keep copies of any documents 5 years after the business relationship ends, or... Lernen beginnen
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... or an occasional transaction. 5 years = standard period; the most common eriod.
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Transactional Records that occur in a business relationship do not need to be kept beyond... t i m e Lernen beginnen
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the only one exception (5 years in all other cases)
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What is the record-keeping period for documents related to AML and Combating the Financing of Terrorism (CFT)? Lernen beginnen
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With an exeption of Transactional records, which is 10 years.
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What offences are established by the Bribery Act 2010? 4 Lernen beginnen
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Offering, promising or giving a bribe. | Requesting, agreeing to receive or accepting a bribe. | Bribing a foreign public official. | Corporate offence of failing to prevent bribery.
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The maximum sentence for bribery offence is (except the corporate offence which carries an unlimited fine)? Lernen beginnen
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The Bribery act 2010. What offence is covered by Section 7? Lernen beginnen
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Broad and innovatory offence of the failure of commercial organisations to prevent bribery on their behalf. action. It also provides an offence of vicarious liability (carried out by an employee, an agent, a subsidiary, etc.).
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Defence against bribery. The Ministry of Justice has provided guidance in the form of 6 principles: PTR DCM Lernen beginnen
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Proportionality. | Top level commitment. | Risk assessment. | Due diligence. | Communication*. | Monitoring and review. *communicating the firm’s policies and procedures to staff
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