to think I might be an accessory to a white collar crime?

[CaponeOnTax]

I work in a heavily regulated profession. This has been an insanely busy week so I am only reflecting on this now, even though it all seems obvious in retrospect.

I arrived on a financial transaction mid-way through and didn’t ask about the KYC/anti-money laundering checks on all the parties (which would usually happen right at the start) but early enough.

The key document looks dodgy (USD loan, no interest) and the parties are from high-risk corruption countries. It might be legit, it might not. But I now think it could be money laundering.

I’ve finished my short involvement. I have a broad KYC obligation. So do others on the transaction and they haven’t done anything except progress the transaction.

If I say something now I could be in serious career trouble for not doing anything earlier, when in fact there may be no crime anyway.

AIBU to stay quiet and hope it goes away?

This made me laugh because I am also sat here on a Saturday morning reading this thread with no idea what any of this means but thinking 'report to the MLRO!!'

Think OP is reporting on Monday now.

I can see why posters react like this.

What’s interesting is how obvious it is and how frustrating I must seem compared to how innocuous the actual transaction work was.

I am not being difficult, or stupid, it is just taking me a while to process. And right now I am being asked to crystallise a risk when there seems to be little chance of anyone else noticing. so hence the weird ‘am I doing the right thing’ questions.

I work in a different industry. I was taught to apply the ‘front page of the Times’ test. Maybe the FT for you! As in, if this all blew up, and the story was on a newspaper’s front page, what would you want it to say about you. Then do that.

OP it sounds as though you know enough and will have received appropriate training that you absolutely cannot claim ignorance if this comes out.

Please report from either one of two angels:

1. are you genuinely concerned about the transaction? Have you something solid on which to base your concerns. If yes, report to MLRO. Make sure not to tip off anyone else.

2. if you think this is more about process and the correct procedures not being followed, report this to your boss or to the compliance Officer or MLRO. Procedure not being followed does not necessarily mean that the transaction is dodgy, but in this case must be flagged as the organisation could face large fines for not doing KYC properly.

This is exactly how money launderers get away with their crimes and you should know this. The more you post, the worse this sounds for you (I’m a CO).

This made me laugh because I am also sat here on a Saturday morning reading this thread with no idea what any of this means but thinking 'report to the MLRO!!'

I haven'y worked in banking for 20 years and it's as long since I did my ML compliance training, but also sitting here thinking FGS report ASAP and cover yourself! the small amount (compare=atively) is of no significance if it is ML, it could be the one that's testing the systems.

Maybe look at this a different way - if you ignore this you could be in more trouble. If you report it (and no one else has) you could be covering yourself in case this does escalate. It may not have been picked up on before due to a process or procedure not been effective enough.

But you do need to report it...

I’m sorry and I don’t want to pile on, but this is so worrying. FFS OP your AML training doesn’t sound fit for purpose. I work in a similar field but go nowhere near an actual transaction, ever (I’m marketing), but have this training all the time and have had it drilled into me that you report immediately and don’t collude with anyone (manager, colleague, client) in the process. It’s really not that complicated.

Another one that knows absolutely nothing about your industry, or what any of the words mean but I am sat with my head in my hands!

You KNOW you need to report this. Don’t speak to anyone else, do not include your colleague, just report - ASAP!

And right now I am being asked to crystallise a risk when there seems to be little chance of anyone else noticing

In your place I'd be thinking 'and if someone DOES notice that's potentially 5 years in prison. Better safe than sorry.'

Sorry, should be and if someone does notice and reports it and me then that's potentially 5 years in prison.

Your ML training sounds like it needs refreshing and pronto.

Asking if the money laundering checks have been done is not tipping off. You need to do this and if they haven’t, get them done.

Just report it. Don't do any digging around or anything like that.

^ As for “getting in trouble”, failure to report is an imprisonable offence under POCA and a bigger concern imo

Stop overthinking it, stop catastrophising. Simply report to the appropriate people as a transaction with red flags; as you got involved part-way, you didn't see the KYC checks. Be very matter of fact.

If there is any querying of you, focus on your responsiblity to flag suspicious transactions, and on your own learning process about doing so in a more decisive and timely way in future. Ask for more training - whether on the technical process or on assertiveness - if you or they feel it would be helpful.

Yup.

And you've posted all over mumsnet about it so you can't claim you didn't know about it either.

You have a duty to raise your concerns about this transaction OP, as well you know. If you don't, the transaction is dodgy and it comes to light, then you'll be in far worse trouble than saying something now. I think it's fair enough to say that you assumed that due diligence had already been done, but now, looking back you have concerns that it may not have been.

Are these the same organisations that jump on charities and churches where large amounts of cash are paid into accounts.

I haven’t ‘claimed’ anything - I’ll tell the truth. And I have no incentive to ‘cover’ anything either.

It would have been perfectly possible to do the transaction, the penny not drop, and for me to go on and live my life. I am posting here because the penny has dropped, I know I need to do something - and it isn’t a good position to be in.

The transaction has happened, so no one is going to greet me with Yay You Saved Us. It will be bad for me. But, ok, going to do it.

But if they have made a AML report surly they don't pit anything on file or broadcast they've made report to anyone even others in same team. What I was always told when you make a AML and perhaps authorities are watching and waiting so to cover my own back I would make a report.

I think you probably know that having suspicions and not speaking up is also a crime.

It has the potential to be the new "Cancel the cheque!"

Sending you a hug OP 💐

OP, I think you’ll feel better once you’ve reported it.

You will be following a procedure that you have been told to follow if you have any suspicions. Sometimes procedures are annoying.

Their advice may have been to process the transaction anyway so as not to tip off.