AML Seminar to Accountants - JFIU 4 March 2010
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Transcript of AML Seminar to Accountants - JFIU 4 March 2010
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JOINT FINANCIAL INTELLIGENCE UNIT
Stewart McGlynn
Chief Inspector of Police
Joint Financial Intelligence Unit
AML Seminar to Accountants - JFIUAML Seminar to Accountants - JFIU4 March 20104 March 2010
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JOINT FINANCIAL INTELLIGENCE UNIT
Suggested format & content detailed in JFIU website
Fax
Post
Verbal (urgency - follow-up by hardcopy)
STR Filing
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JOINT FINANCIAL INTELLIGENCE UNIT
Urgency
Confidentiality
Tipping Off
Crime Report Vs STR
Concerns
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JOINT FINANCIAL INTELLIGENCE UNIT
Acknowledgement of Receipt File Ref. Contact Person Details
Consent / No Consent Letter
Arrest / Prosecutions / Convictions
STR Quarterly Analysis Report
Feedback
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JOINT FINANCIAL INTELLIGENCE UNIT
Case Example 1
Mr. X, Chairman of Board of Directors for ABC Company
XYZ company
US$9.7M loanUS$10M pledge
Sole Owner of XYZ company is Mr. X
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JOINT FINANCIAL INTELLIGENCE UNIT
Effective CDD / KYC
Good quality STR, allowing JFIU to perform its function
Protection
Learning Points
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JOINT FINANCIAL INTELLIGENCE UNIT
Case Example 2 – Good Auditing Practice
Company X
Winding-up
Audit
Fraud and False Accounting
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JOINT FINANCIAL INTELLIGENCE UNIT
Learning Points
Reported knowledge of Crime Proceeds – Fraud
Crime report could have been made but STR acceptable in this case
Urgency? Unsure? Contact JFIU
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JOINT FINANCIAL INTELLIGENCE UNIT
Case Example 3 – Good KYC / CDD
Director of Company X
wanted in Japan
Frequent substantial withdrawals
from Bank account of Company X in Hong Kong
KYC / CDD By Accountant
for Company X
Discovery
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JOINT FINANCIAL INTELLIGENCE UNIT
Learning Points
Common sense, proportionate approach to KYC and CDD
If it looks like a duck……….
No risk of prosecution
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JOINT FINANCIAL INTELLIGENCE UNIT
Think About This
Poor / Negligible CDD / KYC
Absence of risk based approach
Sub Standard STR
JFIU unable to make assessment
What would you Think?
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JOINT FINANCIAL INTELLIGENCE UNIT
Country Comparison STR filed by Accountants
Country 2005 2006 2007Employment in Accountancy in
2008
Singapore0/2,076
(0%)
2/3,290
(0.06%)
2/7,621
(0.03%)875
UK
14,567/
195,702
(7.44%)
9,896/
213,202
(4.64%)
8,110/
220,484
(3.68%)
N/A
HK0/13,505
(0%)
0/14,557
(0%)
3/15,457
(0.02%)3715
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JOINT FINANCIAL INTELLIGENCE UNIT
STR filed by Accountants
2005 2006 2007 2008 2009
No. of STR Received
13,505 14,557 15,457 14,838 16,062
Filed by Accountant
0 0 3 6 11
Percentage (%)
0.00% 0.00% 0.02% 0.04% 0.07%
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JOINT FINANCIAL INTELLIGENCE UNIT
Some Final Thoughts
JFIU understands the burden that CDD and KYC entails
Law / International Standards
Increase in quality STRs from the sector desirable – intelligence is our business
JFIU is here to help – Contact us
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JOINT FINANCIAL INTELLIGENCE UNIT
Contact JFIU
Telephone:2866 3366
Fax :2529 4013
Email:[email protected]
Mail:GPO Box 6555 Hong Kong
Telephone:2860 3547