Anti-money Laundering

Question 1

In the fourth money laundering directive:

What is the sentence for someone who is guilty of recklessly making a statement in the context of money laundering that is false or misleading?

Answer 1

• may face a fine and/or maximum 2 year jail sentence

Question 2

In the fifth money laundering directive:

What amount does the directive cover for virtual currency providers, art traders and estate agents for property lets?

Answer 2

• €10,000 euros for virtual currency providers and art traders
• €10,000 per month for property lets

Question 3

What is the maximum monthly payment transaction limit for non reloadable payment instruments

Answer 3

-€150, they are now subject to customer due diligence. The threshold was reduced from €250 to €150

Question 4

Circumstances which require ID procedures to be carried out

Answer 4

• New business relationship
• Occasional transaction exceeds €15,000 either on single transaction or linked transaction. (For business trading in goods and services, the threshold is €10,000
• Life assurance policies when annual premiums exceed €1,000 or €2,500 for single premiums
• Suspicion (in every case where this suspicion of money laundering or terrorist financing)
• Doubts (doubts about proof of identity previously obtained)
• change of circumstances (where a change in the circumstances of an existing customer requires new evidence to be obtained)

Question 5

What is the minimum period identification must be held if identification is used for investigation into money laundering?

Answer 5

• evidence of identification must be retained for 5 years after relationship with the customer has ended
• supporting evidence of transactions must be retained for 5 years after the transaction was executed

Question 6

Proceeds of Crime Act 2002 sentences for acquiring, arranging or concealing, also for tipping off and failing to disclose?

Answer 6

Concealing, arranging and acquiring sentences are up to 14 years imprisonment or an unlimited fine or both.

Offence for failing to disclose is up to 2 years in prison or be fined or both.

Question 7

Sentence for a bribery offence

Answer 7

The maximum penalty in the UK for an individual is an unlimited fine and imprisonment for up to 10 years