14.3 Financial crime

Question 1

What is financial crime?

Answer 1

Any crinimal conduct relating to money, financial services, or markets.

Question 2

List two types of financial crime.

Answer 2

Fraud
Misconduct relating to financial markets
Handling proceeds of crime
Funding terrorism

Question 3

What are the three main impacts of financial crime on organisations?

Answer 3

1 Director financial loss
2 Reputation and brand loss
3 Legal and regulatory sanctions

Question 4

What does AML stand for?

Answer 4

Anti-Money Laundering

Question 5

What does CFT stand for?

Answer 5

Countering Financing of Terrorism

Question 6

When did new AML and CFT laws come into force in the UK?

Answer 6

2017

Question 7

What is the name of the 2017 law on Money Laundering and Countering Financing of Terrorism?

Answer 7

Money Laundering, Terrorism Financing and Transfer of Funds Regulations 2017

Question 8

What does MLRO stand for?

Answer 8

Money Laundering Reporting Officer

Question 9

What is the relevant authority in the UK for reporting suspicious transacions?

Answer 9

National Crime Agency (NCA)

Question 10

What is the form of contact for reporting suspicious transactions to the National Crime Agency?

Answer 10

An Suspicious Activity Report (SAR)