MONEY LAUNDERING REGULATIONS 2003

PADI or BSAC?

Sorry meant to be driving. Had to Google to see where the PADI or BSAC was coming from?

Ken

So did I,

And having found out what the initials stand for I still don't know what he means.

Back to the question.

I think that this is just a CYA rule. The implementation of the regs is very strict, not just on compliance but also on being able to show that you have complied. The individual in the office, today, may know you, but if that individual moves on and in 2 years time someone comes and does a compliancy check, the EA will be toast.

tim

It was a joke picking up on a typo. "diving licence"

The EA will be toast even if the individual in the office who knows you is still there, surely.

What I don't understand is why the need in the first place. I though money laundering was to do with large amounts of cash. If I buy it would all be cheque or money transfers.

Ken

Money laundering is now so broadly worded that it covers just about everything, including parking offences.

"Ken" wrote

More to the point, though, is that the cheque or money transfer will be passed through the solicitor, and not the EA. So the solicitor ought to do a ML check - but why is the EA checking???!

The EA is checking because whilst they feel it is not mandatory it is recommended to do so by their Professional Body as it good practice!!!! So if I am awkward and refuse? Will they refuse to deal with me?

Ken

"Ken" wrote

Richard Faulkner on this newsgroup is a retired EA - AIUI, he says EA's *have* to pass *any*offers made on to the vendors, by law. So if they refuse, threaten them with legal action!