Chapter 10 - 6.2 - Procedures

Question 1

What is the first anti-money laundering procedure accountants should consider?

Answer 1

Register with an appropriate supervising body e.g ICAEW

Question 2

What is the second anti-money laundering procedure accountants should consider?

Answer 2

Appoint a Money Laundering Reporting Officer (MLRO). If a member suspects a client of involvement, they should make an internal report to their MLRO who must decide whether to report suspicions to NCA using a Suspicious Activity Report

Question 3

What is the third anti-money laundering procedure accountants should consider?

Answer 3

Establish internal procedures to reduce the risk of being involved in money laundering schemes (e.g regular staff training)

Question 4

What is the fourth anti-money laundering procedure accountants should consider?

Answer 4

Verify the identity of new clients and retain relevant documents for five years after the termination of the client relationship

Question 5

What is the fifth anti-money laundering procedure accountants should consider?

Answer 5

Maintain records of all transactions undertaken for each client for five years after completion of the transaction