Prof Con - Time Limits/Rules

Question 1

Days after a suspicious activity report SAR is made to NCA you can proceed

Money Laundering

Answer 1

7 (working) days (notice period) without refusal to proceed
31 working days from end of notice period of refusal

Question 2

When do you have to submit accountant’s report to SRA (if operating client money)

Accounts

Answer 2

Within 6 months of end of accounting period

Question 3

If client money is lost or taken, report to SRA

Accounts

Answer 3

Promptly, even if replaced

Question 4

When an Accountants Report is not required

Accounts

Answer 4

Not used client money; only legal aid funds; less than average £10,000 (not exceeding £250,000)

Question 5

How often to do bank statements for client/business accounts and how long to store them

who signs the statements

Accounts

Answer 5

Every 5 weeks + store for 6 years
Signed by compliance officer/manager

Question 6

Is a third party managed account client money?

Accounts

Answer 6

No – but ensure client understands how it operates (only obligation to inform SRA of existence/termination)

Question 7

Sum of interest on money held in client account to be sent to a client

Accounts

Answer 7

A ‘FAIR’ amount of interest