Premium Payment And Non - Payment Flashcards
Who provides the direct debit guarantee?
All banks and building societies that are in the direct debit scheme
What are the 3 stages of money laundering?
Placement, layering and integration
What punishment could an individual receive for tipping off a money launderer?
5 years in prison, an unlimited fine or both
What is money laundering?
The process by with criminals and terrorists convert money illegally obtained into legitimate funds
What duty is revived by reinstatement of a policy?
The duty of disclosure
Who can cancel a standing order?
Only the premium payer
What act renders money laundering illegal?
The proceeds of crime act 2002
What authority has the main responsibility to investigate money laundering?
A money laundering reporting officer (MLRO)
Who must a life office appoint under the money laundering legislation?
The national crime agency
Why is topping up a single premium bond usually preferable to taking out a new policy?
The documentation is quicker, processing simpler, as well as for taxation reasons
