Code of Conduct Examples
Code of conduct means having a set of rules within a business dealing with the topic of staff behaviour. A code sets standards that employees need to meet so that they can know what is expected of them to produce an efficient business. Every code of conduct is unique to the business it represents. This […]
What are the signs of Money Laundering?
Money laundering is the term used to describe the act of taking illegal money from source A and making it look like it came from source B, a legitimate, legal source. Criminals make the proceeds of crime appear to be legitimate in order to get away with their crime without raising suspicion. Until they do […]
What are the Proceeds of Crime?
Proceeds of crime refer to money/assets that have been acquired directly or indirectly through crime. Usually, money gained from committing crimes is used to buy assets, making said assets proceeds of crime. An example of this could be a car bought with stolen money, this causes the car to become criminal property, and therefore a […]
What are the Anti-Money Laundering Laws and Regulations?
Anti-money laundering (AML) is the process of identifying and preventing criminals from concealing proceeds of crime and profiting from them. Money laundering is a criminal activity that both damages the economy and facilitates and funds criminal acts. There are a number of regulations and laws surrounding anti-money laundering efforts, including the Proceeds of Crime Act (2002), the […]
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 […]