Reference no: EM133306300
As a member of the regulatory and compliance team at Rippo Finance Ltd you, and your team, have been tasked with investigating a report of possible money laundering and other activities.
The alleged money laundering relates to the following activities:
- Several UK and non-UK clients have recently begun to deposit large, irregular, cash sums with your organisation.
- Upon depositing these large cash sums, your organisation has then been instructed by the clients to invest in certain assets, amongst them property, bearer bonds (if possible), and crypto currencies etc, and deposit some of the funds offshore.
- In one instance, when one of the clients was telephoned by your organisation, they did not initially respond to the name they had provided when registering as a client, but later corrected themselves and apologised for any confusion.
- Further, when one of the clients was asked to provide proof of identity, during a meeting, they opened a folder which seemed to contain multiple passports (and a bag that seemed to contain diamonds) and then took an unusual amount of time before proffering one of the passports as proof of identity.
- Several the clients have also informed you that they have extensive business dealings in South America and the United States as well as parts of Southern Africa.
Your Head of Dept, Mr T. McManus, has asked that the reportexamine both the theoretical, practical and legal issues that these allegations raise, both for the firm and the individual concerned.
As a members of the firm's regulatory and compliance team you, and your team, have been tasked with compiling a report on this incident, based on your knowledge of the regulatory environment and specifically your knowledge of current legislation. In that report, Mr McManus has asked you to specifically discuss the following issues :
What legislation is relevant to this alleged money laundering (both firm and individual) and what are its implications for the firm and the individual, if such activity has occurred?