Ch 7. Money Laundering

Question 1

Money laundering (Legislation) (4)

Answer 1

• Criminal Justice act 1993
• Terrorism act 2000
• Proceeds of crime act 2002
• Money Laundering Regulation 2008

Question 2

Money laundering (Offences) (4)

Answer 2

• Money laundering
• Tipping off
• Failure to set up adequate procedures
• Failure to comply with procedures

Question 3

Money laundering (Duties) (6)

Answer 3

• Client due diligence
• Appointing an MLRO
• Staff training
• Reporting
• Internally to MLRO
• To an external regularoty authority

Question 4

Identification (3)

Answer 4

Individual (establish full name and address)
- Utility bills, driving licence/passport

Company (

Question 5

Identification (3)

Answer 5

Individual (establish full name and address)
- Utility bills, driving licence/passport

Company (obtain from the registrar)
- certification of incorporation, register of directors, register of members/ s/holders, registered address

Trust (examine trust deed)
- Identify trustees and beneficiaries, purpose of the trust, sources of funding.