Topic 23 Flashcards
Who does the national crime agency work with
Partnership with law enforcement agencies internationally
What are the 3 money laundering offences
Concealing, arranging, acquiring
If someone is found guilty of recklessly making a statement in the context of money laundering that is false what is the precautions
Fine and or a maximum prison of 2 years
Why was the fifth money laundering brought in
Include additional entities such as virtual currency providers, art traders for transactions of €10,000 or more
What is the financial task force
Intergovernmental organisation established to coordinate the international fight against money laundering, terrorist financing
Identification procedures (customer due diligence) need to be carried out what a transaction exceeds what amount
€15k and €10k for a business trading in goods and services
When must customer due diligence be carried out with life assurance policies
When the value of annual premiums exceed €1k or €2500 single premiums
Where does the FCA detail the systems and controls
In the senior management systems and controls section of handbook
At least once in each calendar year what must a senior manager request to MLRO
Report from MLRO and must take any action necessary to solve any problems identified
Penalty for failing to disclose or tipping off
14 years prison, fine or both
Penalty for failing to disclose or tipping off
5 years, fine or both
Penalty for an individual convicted of bribery offence
Unlimited fine and prison up to 10 years
