Money Laundering (ML) and Terrorist Financing (TF) are a threat to the financial services industry. In the UK, there is a regulatory obligation on Companies to maintain effective procedures for the detection and prevention of Money Laundering.
The Proceeds of Crime Act 2002 (POCA) consolidated; updated and reformed the law relating to ML to include a broad range of crimes rather than a limited number of crimes like drug trafficking offences. The Money Laundering Regulations 2007 replaced the original Money Laundering Regulations 2003 and implemented the risk based approach.
Noble is committed to combating Money laundering and Terrorist Financing. Company maintains a comprehensive Anti-Money Laundering (AML) Policy which articulates Noble's risk-based approach to preventing the Company being used by criminals for the ML or TF.
Money laundering in general terms can be defined simply as the process utilized by criminals to disguise or convert the proceeds of crime (dirty money) into clean money. In effect any handling or involvement with any proceeds of any crime (or monies or assets representing the proceeds of crime) can be regarded as a money laundering offence.
Money laundering is broadly defined in the UK; and covers all activities which would fall within the traditional definition of money laundering as a process by which proceeds of crime are concealed or disguised with respect to their true origin so that they may be made to appear to be of legitimate origin can thereby avoiding the prosecution, conviction and confiscation.
The anti-money laundering/counter terrorist financing (AML/CTF) regulatory regime in the UK is delivered through several discrete pieces of legislation, which collectively impose a number of obligations.
• Proceeds of Crime Act 2002 (as amended);
• Terrorism Act 2000 (as amended by the Anti-terrorism, Crime and Security Act 2001);
• Money Laundering Regulations 2007;
• Counter-terrorism Act 2008, Schedule 7
• HMRC handbook
• FCA Handbook.
The principal criminal offences relating to the Terrorist Financing include: “raising, receiving or providing funds for purpose of terrorism (Terrorism Act 2000 s15);” using or possessing funds for the purpose of terrorism (Terrorism Act 2000 s16); becoming involved in any arrangement which makes funds available for the purpose of terrorism (Terrorism Act 2000 s17); and, facilitating the laundering of terrorist property and money (Terrorism Act 2000 s18).
Any valued customer who is desirous of remitting the money through Noble has necessarily to first open a regular/formal account. This account of the client is essentially required, because the being system used does not allow anyone to undertake even a single transaction without first opening of an account with Noble.
The system needs recording of the required details about the customer exercising of due diligence with respect to the transaction and also the person who is desirous of undertaking the transaction.
The regulations require Noble to; identify its customers and verify their identity; identify, where applicable, the ‘beneficial owner’ involved in the transaction (where someone is acting on behalf of another person); take risk-based and adequate measures to verify the identity of clients and obtain information on the purpose and intended nature of transaction for example, on the source of funds and purpose of transactions.
Noble's documents explained the measures taken include obtaining proper verifiable ID documents, their verification, holding detailed records, issuance of Account holder Cards, measures to make it impossible that Cards can be used by someone else and conducting checks against HM Treasury’s sanction list.
There are different documents through which individuals are identified; these documents are divided in to two types of ID’s;
One valid photo ID is acceptable as primary ID such as mentioned below:
· Passport (Any country’s).
· Driving licence card (full or provisional, UK only).
· National ID card (for non-UK nationals).
· Firearms certificate or shotgun licence (UK).
· ID card issued by the electoral office for Northern Ireland
There are several documents without the photograph that help in verifying the address and other credentials of the prospective customer that has also submitted a photo ID, examples of secondary IDs are;
· Valid old-style full UK driving licence.
· Instrument of a court order.
· Current council tax demand letter or statement.
· Utility bills of last three months (but not ones printed off the Internet).
· Current bank or credit/debit card statements
· Recent evidence of entitlement to a state or local authority-funded benefit, tax credit, pension, educational or other grant.
If the amount is given in cash over the counter or cash deposited into account:
· Bank Statement (showing relevant amount of withdrawal); or
· Mini Statement (showing relevant amount of withdrawal); or
· Withdrawal slip along with related Bank card; or
· Documents of asset sold; or
· Salary slip; or
· Tax returns.
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