26: AML overview of the guidance Flashcards
What are the three main money laundering offences under POCA 2002
- Conceal/disguise
- Enter into an arrangement
- Acquire/use criminal property
What are the money laundering offences punishable up to? (E.g. what is the prison sentence and penalties?)
Maximum of 14 years and/or an unlimited fine
Has an offence been committed if the person did not know or suspect they will dealing with proceeds of crime?
No.
Failure to disclose:
A person requires disclosure to the MLRO or NCA regarding criminal activity however when failing to disclose, a person may be excused from not disclosing when: (3)
- They genuinely had no suspicion of AML offence and didn’t receive training
- They are a legal advisor and had legal privilege when information was discussed
- They had a reasonable excuse to not disclose.
What does AMLGAS stand for?
Anti Money Laundering Guidance for Accountacy Sector
If a person is a member of CIOT, who must they register AML supervision from?
CIOT
If you are not a member of a professional body, who must you register AML supervision from?
HMRC
Who does not need to be supervised from AML supervision? (4)
- Fully retired member
- Not in the Tax/Accountancy sector
- Working outside the UK
- Are an employee (need to register if providing tax work on a self-employed basis)
Do you need to register for AML supervision if you are a student of the ATT or CIOT?
No.
AML guidence overview:
Within what time frame should need to notify the Association of any changes?
Within 14 days
What does ‘in the course of business’ broadly mean?
Where a fee is paid for your services
If you ONLY do Pro Bono work, do you need to register for AML supervision?
No.
CCAB stands for Consultative Committee of Accountancy Bodies. Which Five bodies is this made up of?
- ICAEW
- ACCA
- ICAS
- CAI
- CIPFA (Chartered Institute of Public Finance and Accountancy)
