Money laundering : business compliance / Stuart Bazley, Caroline Foster.

Format:

Book

Author/Creator:

Bazley, Stuart.

Contributor:

Foster, Caroline, 1962-

Language:

English

Subjects (All):

Money laundering--Prevention.

Money laundering.

Money laundering--Law and legislation--Great Britain.

Physical Description:

1 online resource (404 p.)

Place of Publication:

London : Tolley : LexisNexis UK, 2004.

Language Note:

English

Summary:

In the drive to halt funding terrorist activity, control of money laundering activity has risen high on the Government's agenda. The Money Laundering Regulations 2003 expand the Regulator's already wide powers. Failure to comply with anti-money laundering provisions prevents businesses functioning properly, carries severe financial penalties and can result in serious criminal sanctions. The 2003 Regulations require regulated companies to ensure they:put in place proper identifying, recording and reporting procedures;appoint a Money Laundering Reporting Officer;make sta

Contents:

Cover; Contents; Introduction; Chapter 1: Identifying Your Client; Introduction; Overview of law and regulation; Exemptions; Examples of persons who should be identified; When should verification take place?; What is identity?; What methods can be used to verify identity?; Trusts and other nominees; Introduction Certificates; Record keeping; Common problem issues; Annex IA Risk Profiles; Annex I B Evidence; Chapter 2: Knowing your Client and his Business; Introduction; Overview of law and regulation; Risk assessment to work out appropriate level of due diligence

Additional information already obtained by firmsOther information; Enhanced due diligence; Sources of KYC information; Record keeping; KYC procedures; Use of KYC information; Chapter 3: Internal Controls; Introduction; Overview of law and regulation; The firm's money laundering reporting officer; Money laundering staff and resource; Building an effective anti-money laundering team; Developing the compliance team; Internal procedures and policies; Monitoring and surveillance; Record keeping; Chapter 4: Risk Assessment and a Risk-Based Approach to Anti-Money Laundering; Introduction

Overview of law and regulationWhat are the benefits of a risk-based approach?; How do the FSA construct their risk-based approach to regulation?; How do the FSA identify forthcoming risk?; A risk-based approach for firms; Conclusion; Chapter 5: Identifying Suspicious Transactions; Introduction; Overview of law and regulation; What are 'knowledge', 'suspicion', and 'reasonable grounds to suspect'?; Suspicious transactions or suspicious activity?; FSA findings; Developing suspicions through anti-money laundering monitoring; Devising parameters for specific business risks

Annex 5A Anti-Money Laundering Trends and VulnerabilitiesChapter 6: Reporting Suspicions; Introduction; Overview of law and regulation; Internal reporting; MLRO investigation; External reporting to NClS; Record keeping; Miscellaneous issues; Annex 6A Internal money laundering suspicion report; Annex 68 Reporting officer suspicion assessment overview record; Annex 6C Money laundering reportcover sheet; Chapter 7: Obtaining NCIS Consent to Proceed; Introduction; Overview of law and regulation; Exposures to individuals; How does the consent mechanism work?; Tipping off; Conclusion

Chapter 8: Awareness and Training of StaffIntroduction; Overview of law and regulation; Who should receive training?; How should information and training be delivered?; When should information and training be delivered?; What should be included in information and training?; How can competence be demonstrated?; What records should be retained?; How can training be made interesting?; Miscellaneous matters; Chapter 9: Producing an Annual Money Laundering Report; Introduction; Overview of the law and regulation; What the regulators say; Purpose of the annual report

Importance of crafting the report carefully

Notes:

Description based upon print version of record.

Includes bibliographical references and index.

ISBN:

1-283-52513-5

9786613837585

0-08-094386-1

OCLC:

635292999