Legislation: Proceeds of Crime Act
Under Part 7 of the Proceeds of Crime Act (POCA) businesses and their employees are required to disclose information to the Serious Organised Crime Agency (SOCA) in circumstances where they:
- Know or suspect, or have reasonable grounds for knowing or suspecting that another person is engaged in money laundering or terrorist financing.
The Money Laundering Regulations specify that businesses must have a process in place to identify and report suspicious activity.
HMRC is responsible as supervisor for making sure that a business:
- Have appropriate systems in place to identify and report suspicious activity.
- Have appointed a Nominated Officer (NO) (unless they are a person who carries out business on their own with no employees)