Reporting Duties

NotesVideoQuizPaper exam

Professional accountants must report money laundering to the appropriate authority (e.g. MLRO, Police).

Some Points about Reporting
  • It is a criminal offence not to report

  • Regardless of the amount or seriousness

  • There is no obligation to quantify the certainty of suspicion

  • There is no automatic need to cease working for a particular client where a report has been filed

  • Doing so may even be tipping off!

An external report should be made to the authorities

It should include the following

  • Name of the reporting business

  • Identification information of each person (DOB, address etc)

  • Role of each person (eg Suspect)

  • Any references seen (eg Bank account)

  • Details of suspicious transaction

  • Location of any laundered property

Resignation

You should consider resigning where..

  • It is in your commercial interests to do so

  • It is professionally and ethically responsible to do so

Just be careful to avoid tipping off. Again, legal advice should be sought if in doubt

What are suspicious transactions?

  • Large cash deposits

  • Unexplained foreign transactions

  • Transactions with no business explanation

NotesVideoQuizPaper exam