Evening all,
Long shot this one but here goes.
If funds are received from a country on the UK Sanction List (Iraq in this instance) by a bank (NatWest, Barclays, RBS - or another mainstream bank), are anti-money laundering procedures in place to ensure the funds are not 'dirty'?
Leading on from that, if monies are paid into a mainstream bank from a country on the sanctions list, can those monies then be paid to another organisation (accountant, legal firm, estate agent etc) without the organisation having to undertake enhanced due diligence? I.e, if the client explains the source of funds, you have taken ID and have no suspicion of money laundering, does further due diligence need to be undertaken?
I realise this is a long shot but if anyone is able to answer the above that would be amazing (I have spend hours researching but can't get a clear answer).
Many thanks :p
Long shot this one but here goes.
If funds are received from a country on the UK Sanction List (Iraq in this instance) by a bank (NatWest, Barclays, RBS - or another mainstream bank), are anti-money laundering procedures in place to ensure the funds are not 'dirty'?
Leading on from that, if monies are paid into a mainstream bank from a country on the sanctions list, can those monies then be paid to another organisation (accountant, legal firm, estate agent etc) without the organisation having to undertake enhanced due diligence? I.e, if the client explains the source of funds, you have taken ID and have no suspicion of money laundering, does further due diligence need to be undertaken?
I realise this is a long shot but if anyone is able to answer the above that would be amazing (I have spend hours researching but can't get a clear answer).
Many thanks :p
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