Interpolitan Money’s Post

What can Estate Agents do if their agency is flagged for an AML audit? 🤔 Money laundering through property has become commonplace in the UK. Legally, estate agents must register with HMRC for money laundering supervision and perform AML checks to combat the high risk of fraud in property transactions. Estate agents must also... 🚩Report any suspicions of money laundering 🚩Flag homebuyers for potential AML breaches 🚩Raise an internal report where they know or suspect that a colleague is engaged in (or is about to engage in) money laundering. Find out what to do if your estate agency is flagged for an AML audit, and how to reduce the risk going forwards 👉 https://lnkd.in/ecU7mXh2 #EstateAgents #DirtyMoney #MoneyLaundering #AMLaudit

Mark your calendars for Risk Ready 2024 on Aug 27 in Mumbai! Our speakers will cover topics such as: - Tackling money mules, scams and fraud in India - Managing AML / CFT risk throughout the customer lifecycle - India’s journey through financial crime compliance and regulatory landscape - Effective strategies for addressing trade crimes - Getting Risk Ready in Payments Don’t miss out on this opportunity to gain insights & network with industry leaders. #FinancialCrime #FraudPrevention #Payments

Mark your calendars for Risk Ready 2024 on Aug 27 in Mumbai! Our speakers will cover topics such as: - Tackling money mules, scams and fraud in India - Managing AML / CFT risk throughout the customer lifecycle - India’s journey through financial crime compliance and regulatory landscape - Effective strategies for addressing trade crimes - Getting Risk Ready in Payments Don’t miss out on this opportunity to gain insights & network with industry leaders. #FinancialCrime #FraudPrevention #Payments

Mark your calendars for Risk Ready 2024 on Aug 27 in Mumbai! Our speakers will cover topics such as: - Tackling money mules, scams and fraud in India - Managing AML / CFT risk throughout the customer lifecycle - India’s journey through financial crime compliance and regulatory landscape - Effective strategies for addressing trade crimes - Getting Risk Ready in Payments Don’t miss out on this opportunity to gain insights & network with industry leaders. #FinancialCrime #FraudPrevention #Payments

Mark your calendars for Risk Ready 2024 on Aug 27 in Mumbai! Our speakers will cover topics such as: - Tackling money mules, scams and fraud in India - Managing AML / CFT risk throughout the customer lifecycle - India’s journey through financial crime compliance and regulatory landscape - Effective strategies for addressing trade crimes - Getting Risk Ready in Payments Don’t miss out on this opportunity to gain insights & network with industry leaders. #FinancialCrime #FraudPrevention #Payments

Mark your calendars for Risk Ready 2024 on Aug 27 in Mumbai! Our speakers will cover topics such as: - Tackling money mules, scams and fraud in India - Managing AML / CFT risk throughout the customer lifecycle - India’s journey through financial crime compliance and regulatory landscape - Effective strategies for addressing trade crimes - Getting Risk Ready in Payments Don’t miss out on this opportunity to gain insights & network with industry leaders. #FinancialCrime #FraudPrevention #Payments

Are banks targeting letting agent client accounts due to AML fears? 🏛️ 🤔 The Tenancy Deposit Scheme (TDS) warns that letting agents are struggling to open client accounts, and banks are closing the accounts of long-established agents due to AML risk. The TDS reports “daily calls” from agents striving for compliance but facing obstacles. It believes estate and letting agencies are seen as high risk because they aren't regulated by the FCA. The TDS warns agents about using business accounts as client accounts, as this would be a breach of CMP (Client Money Protection) rules. Read more 👉 https://lnkd.in/e2Y3SgDu #EstateAgents #TenancyDepositScheme #FCA #AML

Mark your calendars for Risk Ready 2024 on Aug 27 in Mumbai! Our speakers will cover topics such as: - Tackling money mules, scams and fraud in India - Managing AML / CFT risk throughout the customer lifecycle - India’s journey through financial crime compliance and regulatory landscape - Effective strategies for addressing trade crimes - Getting Risk Ready in Payments Don’t miss out on this opportunity to gain insights & network with industry leaders. #FinancialCrime #FraudPrevention #Payments

Mark your calendars for Risk Ready 2024 on Aug 27 in Mumbai! Our speakers will cover topics such as: - Tackling money mules, scams and fraud in India - Managing AML / CFT risk throughout the customer lifecycle - India’s journey through financial crime compliance and regulatory landscape - Effective strategies for addressing trade crimes - Getting Risk Ready in Payments Don’t miss out on this opportunity to gain insights & network with industry leaders. #FinancialCrime #FraudPrevention #Payments

📢 What trigger an escalation from AML/CTF 1LoD to 2LoD? ➡ You are recently hired within the Bank's client #onboarding Team (#1LoD) and a week later your line-manager is asking you when an escalation to the Compliance Function (second line of defense (#2LoD), is essential. ⚠ Certainly, coherent and clear policies and procedures should govern and set the pre-determined cases and situations where an escalation is needed, in the absence of, the #Compliance Program is deemed inadequate or insufficient. As a result, here is the answer to your line-manager: 1️⃣ Unusual or Suspicious Activity: ▶ Transaction Monitoring #Alerts: When the #1LoD identifies transactions or patterns of transactions that deviate significantly from a customer's known behavior or established norms. ▶ Customer Due Diligence (#CDD) findings: Issues identified during the on-boarding or on-going monitoring processes that suggest potential money laundering or terrorist financing risks. 2️⃣ Thresholds: ▶ Transaction Amounts: Transactions exceeding certain pre-defined monetary thresholds that require additional scrutiny from #2LoD. For example, transactions exceeding the amount of €100K. ▶ Risk Scores: Customers or transactions that score above a certain #risk threshold during risk assessment processes. Usually, #highrisk clients are escalate to the Compliance Function, regardless of other aggravating risk factors. 3️⃣ Adverse Media or Information: ▶ Negative News: #newsreports or other #media indicating potential involvement of an existing or new customer in illegal or criminal activities. ▶ #Sanctions or Watch-lists: Hits against financial restriction measures or sanctions lists, or other regulatory watch-lists. 4️⃣ High-Risk factors or indicators: ▶ Geographical/country risks: Involvement of high-risk #jurisdictions in transactions. These, shall include #taxhaven jurisdictions, #sanctions related or countries with insufficient ML/TF preventive measures, etc. ▶ Client risks: Involvement of high-risk clients (e.g. #PEP’s) or sectors known for higher ML/TF risks. 5️⃣ Patterns or Trends: ▶ Behavioral Patterns: Emerging patterns or trends in transactions that indicate potential #moneylaundering or #terroristfinancing activities. ▶ New Typologies: Identification of new typologies or methods used by criminals that necessitate closer examination. For example, a criminal start using a holy-monastery bank account to launder the proceeds of his drug-smuggling business ❗ . 6️⃣ Customer risk re-assessment: ▶ Periodic Reviews: Scheduled reviews of customer profiles and transactions that reveal new or increased risks. For example, for high-risk clients, during the yearly update, a new #riskfactor emerges needed to be examined from #2LoD. ▶ Trigger Events: Significant deviations of customer’s expected business activities or behavior prompting a re-assessment of #residual risk.