Frequently asked questions
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It is legally obtaining money and then concealing where it came from. It often involves transfers using foreign banks and legitimate businesses.
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It is legally obtaining money and then concealing where it came from. It often involves transfers using foreign banks and legitimate businesses.
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Anti-Money Laundering training is CPD accredited and takes just 30 minutes to complete!
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Failure to report suspicious activity can be illegal and lead to substantial fines. There are numerous regulations that can be used to prosecute people concealing money laundering.
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All firms that provide accountancy services, company services, trust or related services (tax or audits) are required to be supervised by a professional body. As stated by the Money Laundering Regulations 2017
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- Large amounts of cash being used to purchase cashier’s cheques or money orders
- Large cash deposits or large bank balances
- Transitions that stand out from normal bank activity
- Multiple tax IDs & unverified documents
- Transactions of money that are complicated and designed to hide where the money is coming from.
- Concealing information about the business e.g. owner, partners, and clients
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Bribery is offering gifts or money with the intention of influencing the recipient’s decision favourably to the people providing the bribe.
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Yes, our Anti-Bribery training is CPD accredited and takes just 30 minutes to complete!
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Bribery is wrong because it causes those receiving the bribe to have their opinion influenced. It causes the individual to base their decision on what gives them the largest personal profit, rather than the best interest of the matter at hand. These decisions could then have knock-on effects within a business. Bribery is illegal.
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There are 3 regulatory bodies:
- ICAEW (Institute of Chartered Accountants in England & Wales, plus other Accountancy bodies)
- Office for Professional Body Anti-Money Laundering Supervision (OPBAS).
- Financial Conduct Authority (FCA)
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There are a number of effective ways you can prevent bribery from happening, including:
- Having an effective anti-bribery policy in place
- Make sure hospitality or gifts meet the right criteria
- Conduct due diligence on parties giving gifts or hospitalities
- Take extra care around foreign officials
- Avoid facilitation payments
- Report any concerns immediately
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Whistleblowing has legislation in place to help those that want to come forward about bribery taking place to not get punished at work. For more information about reporting bribery, visit the National Crime Agency website
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There are many forms of bribery but some of the most common types include:
- Bribery of/by public officials
- Bribery of/by a witness
- Bribery of a foreign official
- Bank Bribery
- Sporting contest bribery
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A Bribe is a gift of value given in the hope of influence or benefit. A Gift is something of value given with nothing expected in return.
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The Bribery Act entails the 4 ways in which you can commit a crime of bribery. This Act makes it possible to convict people of committing bribery offences with a possibility of 10 years imprisonment, an unlimited fine, and possibly confiscation of property. The 4 classifications of bribery are:
- Bribing
- Receiving a bribe
- Bribing a foreign public official
- Failure to prevent bribery
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Fraud is a criminal offence. It’s ‘wrongful or criminal deception intended to result in financial or personal gain’. It’s a type of theft that usually involves lies or confidence tricks to encourage someone to freely part with their money or goods through scams; or involves a breach of trust, such as misusing company assets. It’s about ‘cheating’ or ‘playing the system’.
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Action Fraud provides full list of the types of fraud, some of the key categories being – pensions, banking and credit, business, charity fraud, financial investment, customer fraud, insurance fraud, cyber fraud, telecoms, and advance fees
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It’s thought that a combination of three factors help explain why some people slip into fraudulent behaviour – particularly where money is concerned – firstly, an incentive – the need for something, secondly the opportunity to take it, and finally the ability to rationalise the crime. These make up the fraud triangle.
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The Fraud Act identifies fraud as one offence that can be committed in three separate ways – fraud by false representation, fraud by failing to disclose information, and fraud by abuse of position
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In 2016, financial fraud losses across payment cards, remote banking, and cheques came to £768.8 million in the UK – a rise of 2% compared to 2015 (Financial Fraud Action UK Ltd).
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It’s vital that you watch out for red flags and it’s your responsibility to report anything suspicious. It’s good practice for an organisation to have a procedure in place for reporting red flags or suspected fraud. This is known as ‘whistleblowing’. A good whistleblowing procedure should enable you to report possible cases of fraud with complete discretion, often anonymously. Check out our Whistleblowing Training for more information… You can also report fraud to the Metropolitan Police or Action Fraud
Documents & other resources
Example Fraud Policy
It’s good practice for organisations to have a written Fraud Policy stating a zero-tolerance to fraud, explaining what constitutes fraud and the consequences if an employee commits a fraudulent act.
Anti-Money Laundering – Terrorism Act
There are different UK laws designed to DETER financial crime, DETECT abuse of the financial system and DISRUPT criminal activity. This resource provides some information about the Terrorism Act.
Anti-Money Laundering – Seeking Consent for a Suspicious Transaction
In a situation where there’s advance knowledge of a suspicious transaction the nominated officer must ask for permission to go ahead with the transaction.
Anti-Money Laundering – Politically Exposed Person
A Politically Exposed Person is someone who is, or has, at any time in the preceding year, been entrusted with a prominent public function by a state; a community institution; or international body.
Anti-Money Laundering – Money Laundering Regulations
There are many UK laws designed to DETER financial crime, DETECT abuse of the financial system and DISRUPT criminals. The Money Laundering Regulations is the most important law relating to laundering.
Anti-Money Laundering – Money Laundering Offences
This resource provides information about the different Money Laundering Offences and the penalties for committing them.
Anti-Money Laundering – Location
Think about where your customer’s transactions are taking place.
Anti-Money Laundering – Individuals not Resident in the UK
Customers not resident in the UK may have documents in a foreign language – you must satisfy yourself that they really do prove the customer’s identity.
Anti-Money Laundering – Identity
You should be aware of your customers at all times. Our resource lists things that should raise your suspicions.
Anti-Money Laundering – External Suspicious Activity Report
It’s the nominated officer’s job to make an EXTERNAL Suspicious Activity Report if, after assessing an INTERNAL Suspicious Activity Report, they decide it’s necessary. Here’s a some more information..
Anti-Money Laundering – Counter Terrorism Act
There are different UK laws designed to DETER financial crime, DETECT abuse of the financial system and DISRUPT criminal activity. This resource provides information about the Counter Terrorism Act.
Anti-Money Laundering – Behaviour
Be aware of odd behaviour, such as transactions or activities which seem unusual for your business, or for the customer involved. This resource shows suspicious activity you should look out for.
