ICAEW SE · Chapter 8 · Question 14 of 18
Under UK anti-money laundering rules, an employee in an accountancy firm who suspects that a client is laundering money should normally report the suspicion to whom?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: B) The firm's money laundering reporting officer (MLRO)
Explanation
Employees in the regulated sector should report suspicions internally to their firm's MLRO, who decides whether to make a suspicious activity report to the National Crime Agency. Reporting to the client or third parties could amount to tipping off. Accountants have a responsibility to help detect and prevent criminal activity such as money laundering.
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