Anti Money Laundering Flashcards
1
Q
What does POCA prohibit?
A
POCA prohibits money laundering.
2
Q
What are the 3 stages of money laundering?
A
The 3 stages are Placement, Layering, and Integration.
3
Q
What is the role of an MLRO?
A
An MLRO reports suspicious activity.
4
Q
What do CDD and KYC stand for?
A
CDD stands for Customer Due Diligence and KYC stands for Know Your Customer.
5
Q
What is the purpose of FATF?
A
FATF sets global AML standards.
6
Q
What are the main features of the Bribery Act 2010?
A
The Bribery Act 2010 includes 4 main offences, corporate liability, and extraterritorial reach.
