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Money laundering is the process of taking profits from crime and corruption and transforming them into legitimate assets. It takes criminally-derived ‘dirty funds’ and converts them into other assets so they can be reintroduced into legitimate commerce.

In the UK, severe penalties are imposed on individuals connected with any stage of laundering money, including unlimited fines and/or terms of imprisonment ranging from 2 to 14 years. Offences include:

  • failing to report knowledge and/or suspicion of money laundering
  • failing to have adequate procedures to guard against money laundering
  • knowingly assisting money launderers
  • tipping-off suspected money launderers
  • recklessly making a false or misleading statement in the context of money laundering

The University is required to adopt a risk-based approach towards anti-money laundering, and in how they conduct due diligence which will be set out in both policies and procedures.

Departmental actions

Customer set up

 

It is essential that customers only exist once in the UFS customer database (even if they are invoiced by multiple departments).

Therefore, all customer amendments and new customers should be set up by Shared Services in the Finance Division who will check for duplicates on your behalf and undertake credit checks.

Monetary limits on cash payments and receipts

Departments are not allowed to make or receive any payments in cash in excess of €10,000 or the sterling equivalent.

Transfers of donated funds

Transfers of donated funds to other institutions can only be to other charitable bodies and must always be approved by the Head of Department and be in accordance with the terms of the gift and the University's general charitable purposes.

Donations cannot be transferred to individuals, except where the individual is the original donor and the University is unable to meet the terms of the original gift.

CORONAVIRUS/COVID-19
FOR STAFF

Please see our CORONAVIRUS/COVID-19 Assistance pages for help with areas of Finance during the current situation.

UFS issued communications and the University website also contain information on this topic

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