Introduction In response to the Anti Money Laundering Regulations introduced in 2007 this policy aims to ensure that the University and its employees comply with the legislation and that the highest standards of due diligence are applied in relation to your customer’ principles. ‘know The 2007 Regulations extend the beyond the financial regulated sector and, relate to other businesses and sectors, in respect of both goods and services. Failure to adhere to these rules could result in a fine and/or imprisonment for up to 2 years for each breach of the rules. Current practice’ suggests that public sector organisations apply the key principles of the Money ‘best Laundering Regulations 2007 to ensure compliance with the Proceeds of Crime Act 2002.Legislation has broadened the definition of money laundering and the range of activities where this can apply. So it is not just a concern for banks and the financial sector but now applies to all companies and institutions including Universities. This policy therefore sets out the procedure to be followed if money laundering is suspected and defines the responsibility of individual employees in the process. What is laundering? Money laundering is a general term for any method of disguising the origin of or criminal “dirty” money. This money may be the proceeds of any criminal activity including terrorism, drugs trafficking, corruption, tax evasion, and theft. The purpose of money laundering is to hide the origin of the dirty money so that it appears to have come from a legitimate source. Unfortunately no organisation is safe from the threat of money laundering, particularly where it is receiving funds from sources where the identity of the payer is unknown. It is, therefore, possible that University of Bradford will be targeted by criminals wishing to launder the proceeds of crime. The legislation defines money laundering as; Concealing, disguising, converting, transferring criminal property or removing it from the UK. Entering into or becoming concerned in an arrangement which you know or suspect facilitates the acquisition, retention, use or control of criminal property by or on behalf of another person. Acquiring, using or possessing criminal property. University obligations The University has a responsibility to; Appoint a Money Laundering Reporting Officer (MLRO) to receive, consider and report as appropriate, disclosure of suspicious activity reported by employees. Implement a procedure to enable the reporting of suspicious activity. Maintain customer identification procedures to your customer’, in relevant ‘know circumstances. Maintain adequate records of transactions.
Introduction In response to the Anti Money Laundering Regulations introduced in 2007 this policy aims to ensure that the University and its employees comply with the legislation and that the highest standards of due diligence are applied in relation to ‘know your customer’ principles. The 2007 Regulations extend the beyond the financial regulated sector and, relate to other businesses and sectors, in respect of both goods and services. Failure to adhere to these rules could result in a fine and/or imprisonment for up to 2 years for each breach of the rules. Current ‘best practice’ suggests that public sector organisations apply the key principles of the Money Laundering Regulations 2007 to ensure compliance with the Proceeds of Crime Act 2002.Legislation has broadened the definition of money laundering and the range of activities where this can apply. So it is not just a concern for banks and the financial sector but now applies to all companies and institutions including Universities. This policy therefore sets out the procedure to be followed if money laundering is suspected and defines the responsibility of individual employees in the process. What is laundering? Money laundering is a general term for any method of disguising the origin of “dirty” or criminal money. This money may be the proceeds of any criminal activity including terrorism, drugs trafficking, corruption, tax evasion, and theft. The purpose of money laundering is to hide the origin of the dirty money so that it appears to have come from a legitimate source. Unfortunately no organisation is safe from the threat of money laundering, particularly where it is receiving funds from sources where the identity of the payer is unknown. It is, therefore, possible that University of Bradford will be targeted by criminals wishing to launder the proceeds of crime. The legislation defines money laundering as; Concealing, disguising, converting, transferring criminal property or removing it from the UK. Entering into or becoming concerned in an arrangement which you know or suspect facilitates the acquisition, retention, use or control of criminal property by or on behalf of another person. Acquiring, using or possessing criminal property. University obligations The University has a responsibility to; Appoint a Money Laundering Reporting Officer (MLRO) to receive, consider and report as appropriate, disclosure of suspicious activity reported by employees. Implement a procedure to enable the reporting of suspicious activity. Maintain customer identification procedures to ‘know your customer’, in relevant circumstances. Maintain adequate records of transactions.