What are Financial Sanctions?
Financial sanctions prevent a firm from carrying out transactions and/or financial services with a person or organisation (known as ‘the target’). They exist for a variety of political, military, social, and economic reasons and work by preventing, pressuring, or restricting targets in an effort to curtail their activities (for example, terrorist financing or the purchasing […]
What Anti-Money Laundering Roles and Responsibilities do Employees Have?
Whatever the business, if you are covered by the money laundering regulations (by being part of a firm within the regulated sector), then you need to meet certain requirements to help prevent money laundering activities. It is the responsibility of organisations within the regulated sector to comply with the regulations; and with penalties that consist […]
How Will Anti-Money Laundering Combat the Financing of Terrorism?
What is Anti-Money Laundering? Anti-Money Laundering (AML) refers to the procedures, laws, and regulations designed to stop the practice of generating income from and for criminal practices. It does so by making it hard to disguise the origins and the destination of money, rendering it useless to criminals and, indeed, terrorists who rely on secrecy […]
How Does Money Laundering Work?
Money laundering is the process of making money through a crime of some kind, and then trying to make the money appear legitimate to blend in and avoid suspicion. In other words, criminals make money from one source illegally, then go on to make it look like it came from a different, non-illegal source. Without […]
How do you Report Money Laundering Concerns?
If your business is part of the regulated sector then you need to ensure you meet the day-to-day standards set by the FSA (Financial Services Authority). These standards exist to help prevent money laundering by raising awareness, vigilance, and setting firm protocols for employees to follow whenever money laundering is suspected. The Process of Responding […]
How can Organisations be Anti-Money Laundering Compliant?
Organisations need to implement effective anti-money laundering policies in order to remain compliant with legislation and maintain credibility. If they fail to do so, the results could be detrimental to their future. Money laundering can damage reputations, customer/business relationships, and your organisation’s financial stability – not to mention funding criminal activity and even terrorism. Organisations […]
Are Offshore Accounts Illegal?
Offshore accounts are accounts that exist outside of your home country, allowing you to save money and make transactions in different currencies. Offshore accounts operate in another jurisdiction, meaning that they are outside the legal power/judgement of your residential country. Usually, having an offshore account means that individuals enjoy tax benefits since the money avoids […]
5 Basic Money Laundering Offences
Our Anti Money Laundering Courses The Proceeds of Crime Act (POCA) published in 2002 changed the way we understand money laundering offences. Money laundering or conspiracy/attempt to money launder is an offence under sections 327-329 of the POCA. To put it simply, the POCA discusses and defines offences in money laundering as the following: A person commits […]
What Level Of Hospitality, Gifts Or Travel Is Acceptable?
Related Courses The Bribery Act 2010 references the controversy surrounding the practice of hospitality within business, as hospitality can be used to conceal bribery. Therefore, the Bribery Act and the Ministry of Justice have drawn a distinction between hospitality and bribery to allow the practice of hospitality to continue, but in an honest, transparent and […]
What Is The Bribery Act 2010?
The Bribery Act 2010 is the UK based law which strengthens bribery and corruption legislation, in response to the increasing rate of bribery offences. The act effectively updates the bribery offences which an individual or an organisation can be found guilty of. Subsequently, the act states the penalties which will be administered against an individual […]
