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ACCA LW考点：Application of customer due diligence

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发布时间：2021-08-09 15:10

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Application of customer due diligence(CDD)

Where required under regulation 27,customer due diligence,as included in outcome H1)c)iii)of the LW(ENG)and(GLO)study guide,must be carried in all circumstances and the following steps must be taken(reg 28):

(a)identify the customer unless the identity of that customer is known to,and has been verified by,the relevant person

(b)verify the customer’s identity unless the customer’s identity has already been verified by the relevant person,and

(c)assess,and where appropriate obtain information on,the purpose and intended nature of the business relationship or occasional transaction.

Where the customer is a body corporate,the relevant person must obtain and verify:

(i)the name of the body corporate

(ii)its company number or other registration number

(iii)the address of its registered office,and if different,its principal place of business;

The Regulations,however,recognise that,depending on their circumstances,individuals and businesses will not need to apply the same levels of due diligence to ensure money laundering is not taking place.Consequently they introduce two levels of due diligence based on the level of perceived risk:

(1)Simplified due diligence(SDD under reg 37)

This arises where the regulations require the performance of CDD,but the object of the CDD complies with a prescribed list of low risk factors,including such factors as whether the customer:

(i)is a public administration,or a publicly owned enterprise

(ii)is an individual resident in a geographical area of lower risk

(iii)is a credit institution or a financial institution which is otherwise appropriately regulated or supervised.

(2)Enhanced due diligence(EDD)(reg 33)

Regulation 33 establishes a list of situations where EDD must be applied by the relevant person.Among these are the following:

where there is a high risk of money laundering or terrorist financing

in any business relationship with a client established in a high-risk third country

if the client is a politically exposed person(PEP)

in cases involving transactions that are complex and unusually large,or where there is an unusual pattern of transactions that have no apparent economic or legal purpose.

When assessing whether there is a high risk of money laundering in a particular situation,and the extent of the measures which should be taken to manage and mitigate that risk,relevant persons must take account of risk factors including,among other things:

(a)customer risk factors,including whether:【点击免费下载>>>更多ACCA学习相关资料】

(i)the business relationship is conducted in unusual circumstances

(ii)the customer is resident in a geographical area of high risk(see sub-paragraph(c))

(iii)the customer is a legal person or legal arrangement that is a vehicle for holding personal assets

(iv)the customer is a company that has nominee shareholders or shares in bearer form

(v)the customer is a business that is cash intensive

(vi)the corporate structure of the customer is unusual or excessively complex given the nature of the company’s business

(b)product,service,transaction or delivery channel risk factors,including whether:

(i)the product involves private banking

(ii)the product or transaction is one which might favour anonymity

(iii)the situation involves non-face-to-face business relationships or transactions,without certain safeguards,such as electronic signatures

(iv)payments will be received from unknown or unassociated third parties

(v)new products and new business practices are involved,including new delivery mechanisms,and the use of new or developing technologies for both new and pre-existing products

(vi)the service involves the provision of nominee directors,nominee shareholders or shadow directors,or the formation of companies in a third country

(c)geographical risk factors,including:

(i)countries identified by credible sources,such as mutual evaluations,detailed assessment reports or published follow-up reports,as not having effective systems to counter money laundering or terrorist financing

(ii)countries identified by credible sources as having significant levels of corruption or other criminal activity,such as terrorism(within the meaning of s1 Terrorism Act 2000(86)),money laundering,and the production and supply of illicit drugs

(iii)countries subject to sanctions,embargos or similar measures issued by,for example,the European Union or the United Nations.

If risk assessment identifies the need for EDD,then the following measures MUST be taken:

to understand as far as reasonably possible the background and purpose of the transaction,and

to increase the degree and nature of monitoring of the business relationship to determine whether the transaction or business relationship are suspicious.

Reliance and record keeping

These matters are included in outcome H1)c)iv)of the LW(ENG)and(GLO)study guide.

Reliance on a third party(reg 39)

A relevant person may rely on an appropriate third party’s due diligence measures,but the relevant person remains liable for any failure in the third party’s application of such measures.

Records(reg 40)

Any relevant person must keep the records,such as a copy of any documents and information obtained by the relevant person to satisfy the customer due diligence requirements for a period of five years.

Information and investigation

Part 8 of the regulations gives supervisory authorities the powers to monitor businesses operating in their sectors effectively.Part 9 empowers them to take appropriate action if needed such as imposing civil penalties,fines or statements relating to relevant persons under their authority.

The Office for Professional Body Anti-Money Laundering Supervision(OPBAS)

The office is a new regulatory body with the general oversight pf the supervisory anti-money laundering regime and the OPBAS has duties and powers to ensure the professional body anti-money laundering supervisors meet the standards required by the Money Laundering Regulations 2017.The OPBAS operates within the Financial Conduct Authority with the stated aim of facilitating collaboration and information sharing between the professional body anti-money laundering supervisors,law enforcement and other statutory supervisory authorities.

Written by a member of the Corporate and Business Law examining team

【ACCA LW考点：The Money Laundering Regulations】

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