Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
The UK Law Society | Jan 20, 2022
Despite criminals continually adapting to changing markets and opportunities, there are signs to look for which can alert you to possible money laundering. Whether you're a fee earner or a money laundering reporting officer (MLRO), recognising signs of money laundering is a continual challenge. This guide looks at common warning signs and how to respond to them.
It’s important that you make fully informed and risk-based decisions on new clients and new types of business from both new and existing clients. To help assess the risk posed by new clients, you should try to understand why they chose your firm.
For example:
Clients trying to launder funds will often try to carry out unusual transactions. The transaction may be unusual for:
This may not be enough to give rise to a suspicion of money laundering, but it’s a warning sign that needs to be followed up.
Third-party funding is a normal feature of many conveyancing transactions and other retainers. However, it can also be a way to layer criminal property.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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