money laundering

Question 1

money laundering

Answer 1

transaction involving proceeds from criminal activity

Question 2

The act for Money laundering

Answer 2

U.K. proceeds act 2002 .

Question 3

U.K. proceeds act 2002

Answer 3

affence to assist or conceal
failure to disclose
to not tip off

Question 4

offence to assist or conceal penalties

Answer 4

minor 6 months/fine

major- upto 14years /fine

Question 5

failure to disclose penalties

Answer 5

minor : 6 months/fine

major : upto 5 years/fine

Question 6

to not tip off penalties

Answer 6

minor : upto 3 months

major : upto 2 years / fines

Question 7

stages of money laundering (1.2.3)

P.L.I

Answer 7

1. placement - moving cash into non cash economy
2. layering - obscuring audit trail
3. integration - moving money into legitimate economy

Question 8

money laundering regations 2017

Answer 8

risk based approach
staff training
maintain records
identification checks

Question 9

red flags

Answer 9

large cash transactions
unusual fund transfers
insufficiency banking information
non disclosure
lack of transparency
third party accounts

Question 10

Asset tracing

Answer 10

tax returns
accounting systems
sampling

Question 11

hiding places for money

Answer 11

off shore
fictitious loan
insurance policys
trusts

Question 12

forensic accountant services

Answer 12

client vetting
training
remediation
investigation