Anti-Money Laundering - Law & Regulation Refined
“£100 billion a year washes into and out of the UK through all kinds of transactions” “One eighth of the UK property stock by value is bought with illegal funds.”
In the current febrile environment, there is rightly much concern about financial crime, money laundering and terrorism. Frauds, impersonations and well-concealed thefts from professional firms in the aftermath of recent security breaches, have all reinforced the need for cooperation and collective vigilance.
Further, whilst the fundamental AML regime has not changed in its main focus, new Money Laundering Regulations in force from January 2020 emphasise that, as always, we require vigilance, scepticism and caution - alongside a recognition that, in the absence of evidence of criminality, we can still trust what we are told as professional advisers.
This live online session will enable you to participate in a round-table discussion of the key issues from your own office, and you will be able to speak and contribute as if we were all in the same room together.
What You Will Learn
This live broadcast session will cover the following:
- What does the law currently require?
- UK legislation and regulation - POCA and Criminal Finances Act 2017
- The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
- AML (Amendment) Regulations 2019 - new provisions including 5AMLD
- LSAG Guidance on AML (as updated)
- CDD and ongoing monitoring as the law currently stands
- The key concerns
- Key offences
- How do I know when to be suspicious?
- Principal and ancillary offences
- Tipping off
- The Regulations - current requirements including 2019 Regulations
- Internal compliance - new obligations and the SRA response
- Internal matters - watching the staff; monitoring the policies
- CDD and beneficial owners - is it easier now?
- A culture, not an event - ongoing monitoring
- Practical responses - Delivering the new agenda
- Do you need to change anything?
- Do we still need to obsess about ID - when recent case-law acknowledges that it can all be false anyway?
- OM - the real secret to unravelling suspicious matters
Quick Quiz - Test Your Knowledge: Money Laundering
Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.