Anti-Money Laundering · glossary
A report to the NCA made before the firm does an act that could help launder money. It can give the firm a defence for that act. Julian’s SAR on Merranby’s purchase was one, sent before exchange. MLRO’s Decision Note, paragraph 4 · Chapter 8 · see DAML, Deemed consent
Explained in Chapter 8, Suspicious Activity Reports (SARs) and DAML Requests, of Anti-Money Laundering.
The way out is to report before the act. A report made before the act is an authorised disclosure under section 338, and it can give the firm a defence. Lawyers call a request for a defence a DAML request, short for “defence against money laundering”.Read Chapter 8, Suspicious Activity Reports (SARs) and DAML Requests →
Chapter 1 and this glossary are open to everyone; the whole edition is free to read with a free account until 31 January, and it stays open to an account opened by then.Chapter 1 of Anti-Money Laundering and this glossary are free to read; the rest of the edition is in the Library, at €12 a month or €79 for a Year Pass.
Related terms
Where this term lives
This term is part of one complete fictional deal, with every document attached and a test after every chapter. Open Anti-Money Laundering → · All terms A–Z →