Money Laundering

Question 1

How would you undertake anti-money laundering checks?

Answer 1

-undertake AML checks to confirm identity and legitimacy of purchaser
-check source of funds
-ID check (passport) of directors
-As a company, i gained company name, number address of registered office
-check source of funds

Question 2

State the professional statement relating to this and what information does it include

Answer 2

What does the RICS Professional Statement on countering bribery, money laundering and terrorist financing 1st edition 2019

Professional standard applies to alll members and RICS regulated firms which relates to bribery, money laundering and terrorist financing

-Sets out mandatory requirements for anti-bribery…
-Guidance setting out good practice in each of the eareas
-Supplementary guidance on key concepts

If asked to explain then expand that you should not accept bribes
Must not be complicit in ML and TF
ID checks

Question 3

How would you undertake anti-money laundering checks?

Answer 3

-undertake AML checks to confirm identity and legitimacy of purchaser
-check source of funds
-ID check (passport) of directors
-As a company, i gained company name, number address of registered office
-check source of funds

Question 4

What are Anti Money Laundering Checks

Answer 4

AML checks must be undertaken to confirm identity of proposed purchaser and check source of funds of a business partner

Question 5

What legislation is in place for money laundering

Answer 5

Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 , amended 2017

Question 6

What transactions do AML regulations relate to?

Answer 6

to all cash and monetary transactions

Question 7

If it was a business – how would you undertake the necessary AML checks / who would you take them out on?

Answer 7

A= The beneficial owner of the property – would discuss with appointed officer at this stage.

Question 8

What is money laundering

Answer 8

The act of attempting to wash illegal money into legality through business

Question 9

What does your company have in place in relation to AML

Answer 9

-staff training
-verify client through ID checks
-my line manager is the nominated money laundering reporting officer appointed to report suspicious activity to the National Crime Agency
-retain records (5 years) to show how firm has complied with professional statement