Money Laundering Flashcards
1
Q
Money laundering is when proceeds of criminal activities are ______ or converted and then realised as legitimate assets.
A
Disguised
2
Q
Under which At is it a criminal offence to fail to report a suspicion?
A
Proceeds of Crime Act 2002
3
Q
Suspicions should be reported to the __________.
A
National Crime Agency
4
Q
What are the three main areas of offence?
A
- Tipping off
- Assisting
- Failing to report
5
Q
Agents must have procedures for identifying clients and ask for what?
A
Photographic ID
Proof of address
6
Q
What are the maximum penalties for failing to comply with regulations?
A
Assisting - 14 years prison, unlimited fine
Tipping off - 5 years prison, unlimited fine
