Anti Money Laundering Legislation

Question 1

What are the 3 Anti Money Laundering Legislations?

Answer 1

The Proceeds of Crime Act 2002 (POCA)

The Terrorism Act 2000 (TA)

The Money Laundering and Terrorist Financing Regulations 2020 (MLR)

Question 2

What is the Proceeds of Crime Act 2002 (POCA)

Answer 2

This sets out the principal money laundering offence and requirements to report suspicious transactions.

Question 3

What is the Terrorism Act 2000 (TA)

Answer 3

This sets out the principal terrorist financing offences and reporting obligations.

Question 4

What is the Money Laundering and Terrorist Financing Regulations 2020 (MLR)

Answer 4

These set out further detail rules, including a risk-based approach to customer due diligence.

It also seeks to prevent new means of terrorist financing.

Question 5

What do the Proceeds of Crime Act 2002 (POCA) and the Terrorism Act 2000 require?

Answer 5

It requires accountants as individuals in the regulated sector to report suspicion relating to criminal activity to the NCA.

Question 6

What sort of report needs to be sent to the NCA?

Answer 6

A suspicious activity report (SAR)

Question 7

Who should be reported to if the accountant is working in an organisation?

Answer 7

A Money Laundering Reporting Officer
(MLRO)

Question 8

What does the MLRO do?

Answer 8

They review the information and decide if it needs to be reported to the NCA.