ICAEW ARF · Chapter 11 · Question 7 of 10
Which of the following statements about the offence of failing to report money laundering by a person in the UK regulated sector is correct?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: C) The offence can be committed where there were reasonable grounds to know or suspect money laundering, even if the person did not actually suspect it
Explanation
For the regulated sector the test is objective as well as subjective: a person who should reasonably have known or suspected money laundering may commit an offence by not reporting. Proof is not required, the regulated sector includes accountants and auditors, and there is no materiality threshold for reporting suspicions.
More Confidentiality, money laundering and regulation MCQs
- Q9An accountancy firm is asked to advise two clients who are competing to buy the same business. What is the most appropriate response?
- Q10An accountant learns the following facts about four different clients. In which situation does the client hold criminal property under the…
- Q1In which of the following situations is an accountant REQUIRED to disclose confidential client information?
- Q2During an audit, a senior learns that the client is about to make a takeover bid for a listed company. The senior buys shares in the…
- Q3A criminal deposits cash from drug dealing into several bank accounts in small amounts. Which stage of money laundering does this…