AML/CTF Business Policy

AML/CTF for the body’s appointed Nominated Officer

• 1. The business requires you as its Nominated Officer (Darroll Sheolherd) to comply with this policy in addition to complying with the business’s AML/CTF policy.
• 2. Failure to carry out your duties may cause you to commit a criminal offence.
• 3. You will have access to all files, records and information and be given sufficient resources and authority to fulfil the role and be allowed to carry out your duties without fetter, influence or interference.
• 4. Upon receipt of each internal suspicion report from any of the business’s members , you must acknowledge receipt in writing to the person making the report. You must then consider carefully whether a report should be made to the National Crime Agency (NCA).
• 5. You must make a report to NCA in the prescribed form where you have actual knowledge or suspicion, or where (based on what an ordinary member of the public might think) there are reasonable grounds to know or suspect a money laundering offence has been committed. You will need Consent from NCA for an ongoing transaction to proceed.
• 6. If you do make a report to NCA then you must ensure that you maintain regular telephone contact with them where Consent is required.
• 7. You must maintain a record of each decision you have made and keep it for at least 5 years whether or not you send a report to NCA.
• 8. You must support and advise members of staff who make internal suspicion reports to you, emphasising the implications for them of “tipping off”. In particular you must do this where you are waiting for Consent to proceed from NCA.

Disclosure Procedure to be followed by Individuals

Where you know or suspect that money laundering activity is taking or has taken place, or you become concerned that your involvement in a transaction may amount to a breach of the regulations, you must disclose this immediately to your line manager. If in consultation with your line manager reasonable suspicion is confirmed a disclosure report must be made to the Nominated Officer.

• 1. Full details of the people and/or companies involved including yourself and other members of staff if relevant.
• 2. Full details of the transaction and nature of each person’s involvement in the transaction.
• 3. Suspected type of money laundering activity or use of proceeds of crime with exact reasons as to why you are suspicious.
• 4. The dates of any transactions, where they were undertaken, how they were undertaken and the likely amount of money or assets involved.
• 5. Any other information that may help the Nominated Officer judge the case for knowledge or suspicion of money laundering that may help to facilitate any report to the National Crime Agency (which replaced the Serious Organised Crime Agency).
• 6. Once you have reported your suspicions to the Nominated Officer you must follow any instructions given to you. You must not make any further enquiries unless instructed to do so by the Nominated Officer.

At no time and under no circumstances should you voice any suspicions to the person(s) you suspect of money laundering, nor should you discuss this matter with any colleagues.

If appropriate the Nominated Officer will refer the case to the National Crime Agency (NCA) who will undertake any necessary investigation. This may include consent to continue with a particular transaction and care should be taken not to ‘tip off’ the individuals concerned, otherwise you may be committing a criminal offence. The penalty for tipping off is 5 years imprisonment and/or an unlimited fine.

Record Keeping Requirements By keeping comprehensive records taskm8 will be able to show that we have complied with the Money Laundering Regulations. This is crucial if there is a subsequent investigation into one of our customers/students or transactions.

The types of record kept may include:

• 1. Daily records of transactions
• 2. Receipts
• 3. Cheques
• 4. Paying-in books
• 5. Customer correspondence
• 6. Student identification evidence

Records may be kept in any of the following formats:

• 1. Originals
• 2. Photocopies
• 3. Microfiche
• 4. Scanned
• 5. Computerised or Electronic

Records must be kept for five years beginning on either:

• 1. The date a business relationship ends
• 2. The date a transaction is completed

In practice finance departments will routinely create and retain records in the course of normal business for six years. The Director of Finance will retain any disclosure reports and any associated relevant documents in a confidential file for a minimum of five years.