The following Practice Compliance precedent provides comprehensive and up to date legal information covering:
It is important that certain types of fraud are reported and managed via the relevant dedicated reporting mechanism to ensure statutory protections are preserved, eg money laundering suspicions should be reported via the firm’s anti-money laundering process to ensure protection under the Proceeds of Crime Act 2002, whereas a person reporting suspicions of employee fraud should have the benefit of protection under the firm’s whistleblowing policy.
If the suspected fraud involves money laundering, terrorist financing, mortgage or property transactions, liaise with the [nominated officer OR MLRO] to determine whether a suspicious activity report is required.
If there is a suspicion of bribery or corruption, liaise with [insert name or title of person in charge of anti-bribery process] pursuant to the firm's anti-bribery and corruption policy.
If the suspected fraud may have been perpetrated by a member of staff, department or the firm itself, liaise with [insert name of person responsible for whistleblowing process] pursuant to the firm's whistleblowing policy
If the fraud does not fall into any of the above categories and it involves client account money, continue to section 2.
Assemble fraud response team
Having undertaken preliminary screening, the first step is to assemble a team to manage and respond to the breach. This is likely to involve your COLP
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Practical completion marks the end of the construction period of a project, when the works are 'finished' and the employer can occupy and/or use them. Practical completion also typically marks the start of the defects liability period/maintenance period.As explained below, practical completion is an
Tipping off and prejudicing an investigationIt would undermine the benefit to the authorities if, a suspicious activity report (SAR) having been made, the alleged offender were to be made aware of the interest in their activities so that they could take steps to cover up their misdeeds or disappear.
What is a res judicata?A res judicata is a decision given by a judge or tribunal with jurisdiction over the cause of action and the parties, which disposes, with finality, of a matter decided so that it cannot be re-litigated by those bound by the judgment, except on appeal.Final judgments by
You may apply simplified customer due diligence (SDD) measures in relation to particular business relationships or transactions which you determine present a low risk of money laundering or terrorist financing, having taken into account:•your organisation-wide risk assessment—see Practice Note:
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