Reporting Obligations

Relevant Law/ Regulation: Money Laundering Regulation 20(2)(d)(ii), Proceeds of Crimes Act s 327 - 329, 330(5) and 331, and Terrorism Act s 21A (11)

Reporting Obligations:

  • All staff must raise an internal report where they have knowledge or suspicion, or where there are reasonable grounds for having knowledge or suspicion, that another person is engaged in money laundering, or that terrorist property exists
  • The firm’s nominated officer (or their appointed alternate) must consider all internal reports
  • The firm’s nominated officer (or their appointed alternate) must make an external report to the National Crime Agency (NCA) as soon as is practicable if he considers that there is knowledge, suspicion, or reasonable grounds for knowledge or suspicion, that another person is engaged in money laundering, or that terrorist property exists
  • The firm must seek consent from the "NCA" before proceeding with a suspicious transaction or entering into arrangements
  • Firms must freeze funds if a customer is identified as being on the Consolidated List on the HM Treasury website of suspected terrorists or sanctioned individuals and entities, and make an external report to HM Treasury
  • It is a criminal offence for anyone, following a disclosure to a nominated officer or to the "NCA", to do or say anything that might either ‘tip off’ another person that a disclosure has been made or prejudice an investigation
  • The firm’s nominated officer (or their appointed alternate) must report suspicious approaches, even if no transaction takes place
  • In the event of a regulatory or criminal investigation, data may have to be retained for an extended period of time.