Anti-Money Laundering · glossary
A shortcut that lets a regulated firm pay back a sum below £3,000 without a defence when a relationship ends. The money must go to the client, or to someone the client directs. The £500,000 failed both tests, so the firm relied on its defence. Closing Note, paragraph 4 · Chapter 10 · see Deemed consent
Explained in Chapter 10, Declining to Act, Returning Funds and Keeping Records, of Anti-Money Laundering.
The Proceeds of Crime Act has one shortcut for money held when a relationship ends. The paying-away exemption lets a regulated firm pay back a small sum without a defence. That way a firm can close a small balance without asking the NCA first. The exemption has several conditions, and two of them matter here…Read Chapter 10, Declining to Act, Returning Funds and Keeping Records →
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