2.7 Money Laundering
2.7.1 The University is required, by law, to examine the nature of any income transaction involving the receipt of an unusually large amount of cash (€15,000 or £10,000 and above), and has nominated the Treaury Accountant to act as individual responsible for monitoring money laundering.
2.7.2 Members of staff must inform the Treasury Accountant (or the Director of Finance, if the Treasury Accountant cannot be contacted) if any of the following occur:-
- A single cash payment of this value is received
- A series of lesser cash payments, amounting in total to this value, is received
- A cash payment (of any value over £1,000) is received which is above the due debt, such that a cheque or BACS refund would be required to be made.
Failure to report a suspicious receipt of income is regarded as a criminal offence which may result in prosecution of an individual.