Money Laundering Flashcards
1
Q
What act covers money laundering?
A
The money laundering regulations 2017
2
Q
What is the penalty for money laundering?
A
14 years in prison and/or an unlimited fine
3
Q
What are some signs of money laundering
A
Client evasive about source of funds
Complex offshore accounts
Client giving strange instructions (e.g. paying all fees upfront)
Client paying in cash
4
Q
What is the maximum that can be accepted in cash
A
There is no maximum, but to accept cash amounting over €10,000 you must register for anti-money laundering supervision with HMRC
5
Q
What is the RICS document related to money laundering and bribery
A
Countering bribery,
corruption, money
laundering and terrorist
financing Professional Standard
6
Q
What must RICS firms and members do regarding money laundering
A
- be vigilant of it
- report anything suspicious
- provide training (firms)
7
Q
A
