26: AML overview of the guidance Flashcards

1
Q

What are the three main money laundering offences under POCA 2002

A
  1. Conceal/disguise
  2. Enter into an arrangement
  3. Acquire/use criminal property
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2
Q

What are the money laundering offences punishable up to? (E.g. what is the prison sentence and penalties?)

A

Maximum of 14 years and/or an unlimited fine

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3
Q

Has an offence been committed if the person did not know or suspect they will dealing with proceeds of crime?

A

No.

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4
Q

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)

A
  1. They genuinely had no suspicion of AML offence and didn’t receive training
  2. They are a legal advisor and had legal privilege when information was discussed
  3. They had a reasonable excuse to not disclose.
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5
Q

What does AMLGAS stand for?

A

Anti Money Laundering Guidance for Accountacy Sector

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6
Q

If a person is a member of CIOT, who must they register AML supervision from?

A

CIOT

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7
Q

If you are not a member of a professional body, who must you register AML supervision from?

A

HMRC

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8
Q

Who does not need to be supervised from AML supervision? (4)

A
  • 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)
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9
Q

Do you need to register for AML supervision if you are a student of the ATT or CIOT?

A

No.

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10
Q

AML guidence overview:

Within what time frame should need to notify the Association of any changes?

A

Within 14 days

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11
Q

What does ‘in the course of business’ broadly mean?

A

Where a fee is paid for your services

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12
Q

If you ONLY do Pro Bono work, do you need to register for AML supervision?

A

No.

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13
Q

CCAB stands for Consultative Committee of Accountancy Bodies. Which Five bodies is this made up of?

A
  • ICAEW
  • ACCA
  • ICAS
  • CAI
  • CIPFA (Chartered Institute of Public Finance and Accountancy)
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