Ethics - Procedures

Question 1

What is the first anti-money laundering procedure?

Answer 1

Register with an appropriate supervisory body e.g ICAEW

Question 2

What is the second anti-money laundering procedure?

Answer 2

• Appoint a Money Laundering Reporting Officer
• If member suspect client involved in money laundering, report to MLRO
• MLRO decides whether to report suspicions to NCA using Suspicious Activity Report

Question 3

What is the third anti-money laundering procedure?

Answer 3

Establish internal procedures to reduce the risk of being involved in money laundering schemes

Question 4

What is the fourth anti-money laundering procedure?

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?

Answer 5

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