e-book Suspicious Activity: The Adventures of a Money Laundering Reporting Officer - Part 1

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Suspicious Activity Reports (SAR)

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Home Business tax Money laundering regulations. Guidance Report suspicious activity that may be linked to money laundering. Published 23 October Last updated 26 June — see all updates.

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Contents Meaning of a suspicious activity or transaction When to report suspicious activity How to submit a Suspicious Activity Report Get consent for a transaction. Meaning of a suspicious activity or transaction There are many reasons why you or one of your employees might become suspicious about a transaction or activity.

Get consent for a transaction You must consider whether you need a defence against money laundering charges from the NCA before you can proceed with a suspicious transaction or activity. Related content Who needs to register for money laundering supervision Apply for the fit and proper test and HMRC approval Anti-money laundering registration Money laundering supervision for high value dealers Accountancy sector guidance for money laundering supervision. Explore the topic Money laundering regulations.

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Bitcoin Emergence Prompts FinCEN to Issue Guidance on Virtual Currencies

Thank you for your feedback. What were you doing? What went wrong? Issuance of new Bitcoins will stop once circulation hits 21 million coins. When the 21 million cap is reached and mining ceases — projected to occur around — processors will have to rely on transaction fees to generate profit.

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While operating without a controlling government, bank or clearinghouse continues to set Bitcoin apart from other types of electronic fund transfers, the open-source environment creates a space that is ripe for government control through regulations. Specifically, the FinCEN guidance addresses convertible virtual currency which either has a real currency equivalent value or serves as a substitute for real currency.

The roles of persons including legal entities involved in virtual currency transactions are defined by FinCEN as follows:.


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A person, or legal entity, may act in more than one of these capacities. As a money transmitter, the administrator or exchanger would generally be subject to MSB reporting and recordkeeping.

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If a person, or legal entity, is deemed a money transmitter by operation of the FinCEN regulations and guidance relating to virtual currency, then MSB registration and ongoing compliance is triggered pursuant to the BSA. Reporting and recordkeeping requirements include, but are not limited to, the following:.


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Financial institutions interested in serving as an administrator or exchanger of a virtual currency should carefully evaluate whether their AML program is integrated with existing automated data processing systems and whether their KYC protocol can sufficiently identify customers to support SAR and AML functions. As some pioneers and miners successfully blaze trails across this new frontier, others find themselves plodding through rough terrain.

Meanwhile, the Winklevii have created the Winklevoss Bitcoin Trust for the purpose of starting an ETF that will track digital currency performance. Earlier this month, Alydian Inc. CoinLab, a Bitcoin business incubator, launched Alydian in August to provide large-scale mining systems to non-technical customers.

Law enforcement officials are concerned that sophisticated criminals may be using virtual currency for illegal sales of drugs, guns and malicious software. On the marital bliss side, newlyweds Austin and Beccy Craig from Provo, Utah have vowed to use Bitcoin as their only currency during the first 90 days of their marriage as they travel across the U.

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Previous Next. A transaction is suspicious if the MSB has reason to suspect that it involves funds derived from illegal activity, it is designed to evade BSA requirements or it serves no business or apparent lawful purpose.