Anti-Money Laundering & Compliance
- Placement - This is the placing of the bulk cash proceeds. At this stage, the launderer inserts the dirty money into a legitimate financial institution.
- Layering - This involves hiding the proceeds from their criminal origin by “layers” of transactions. Layering involves sending the money through various financial transactions to change its form and make it difficult to follow.
- Integration – Devising a legitimate explanation for the proceeds. At the integration stage, the money re-enters the mainstream economy in legitimate-looking form — it appears to come from a legal transaction. This may involve a final bank transfer into the account of a local business in which the launderer is “investing” in exchange for a cut of the profits.
Criminal property is the benefit of any crime, in whole or any part, whether direct or indirect. It does not matter who committed the crime or who benefited or when the crime took place. These offences may be punishable on conviction by up to 14 years imprisonment and/or a fine.
Regulation 20 of the Money Laundering Regulations 2007 requires the regulated sector to have certain systems in place:
- PMCT Accountants and Consultants have many processes to detect such placement and we reserve our right to informant respective government agencies without first notifying the Sender of our suspicion or actions. If we have reasonable doubt about legitimacy of any transaction this is highlighted to our Compliance Team who then monitors the whole process of transmitting with PMCT Accountants. We shall solicit external assistance including bring our suspicion to the attention of government agencies.
- PMCT Accountants and Consultants keeps records and trends of all activities and all our agents have been advised to inform our Compliance Team about any suspicious transaction(s).
- PMCT Accountants and Consultants has developed systems to meet our obligations and we risk profile all activities using appropriate risk-based methodology proportionate with our concerns. PMCT Accountants complies with enacted acts and practices thereby ensuring that our process are not compromised and such acts includes Money Laundering Control Act in UK, USA, EU, Australia, Canada and USA Bank Secrecy Act.
- PMCT Accountants and Consultants does not allow money transfer or deposit intended for terrorist acts, gaming and gambling, and other fraudulent activities on its platform. Our processes have been deliberately designed to highlight signs of any illegal activities and such instances we would seek advice from respective Governmental organisations.
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