Fraud and Financial Crime. How to proceed when a bank employee suspects that funds received into a client’s account may be the proceeds of a crime


Seminar Paper, 2016

10 Pages, Grade: Distinction


Abstract or Introduction

In this paper, I will scrutinize the obligations to report knowledge or suspicions of possible money laundering activities to financial intelligence authorities, as well as the various issues arising from the available disclosure mechanisms.

Where there are suspicions of criminal property, there is a high risk of money laundering, the activity through which the illegal origins of criminal proceeds are concealed or disguised, and an offence under the Proceeds of Crime Act 2002. The Money Laundering Regulations 2007 – which apply to any regulated financial or credit institution - place a general obligation on firms within its scope to establish adequate and appropriate policies and procedures to prevent money laundering.

Details

Title
Fraud and Financial Crime. How to proceed when a bank employee suspects that funds received into a client’s account may be the proceeds of a crime
Grade
Distinction
Author
Year
2016
Pages
10
Catalog Number
V351611
ISBN (eBook)
9783668383173
ISBN (Book)
9783668383180
File size
540 KB
Language
English
Keywords
Financial Regulation, Financial Crime, AML, Fraud, Financial Intelligence, Compliance
Quote paper
João Cruz Ferreira (Author), 2016, Fraud and Financial Crime. How to proceed when a bank employee suspects that funds received into a client’s account may be the proceeds of a crime, Munich, GRIN Verlag, https://www.grin.com/document/351611

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