Summary of reporting requirements
You'll learn how to identify and report suspicious activity in audit and assurance work, and how to conduct proper customer due diligence when accepting new clients.
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In this lesson
- 0:00 Money Laundering Reporting Requirements
- 0:48 Confidentiality vs Anti-Money Laundering Obligations
- 1:18 Client Acceptance Scenario: ESG and Derek Sprinter
- 2:43 Red Flags in Client Background Checks
- 4:15 Reliability of Information Sources
- 4:47 Customer Due Diligence Documentation Checklist
- 6:12 Investigating Connected Companies and Funding
About this lesson
This video walks you through the reporting chain to your firm's money laundering reporting officer and the NCA, explains why confidentiality duties don't protect suspicious transactions, and shows you how to gather reliable information about clients and their beneficial owners. Using a practical scenario, you'll see how to spot red flags—like regulatory breaches, unusual fund movements, and offshore structures—and what documentation you need to collect to satisfy anti-money laundering requirements. This is essential knowledge for AA and SBL papers, where you'll be tested on your ability to apply AML principles to real client situations.
Duration: 8m
Transcript
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