Funds From China - AML, Customer Due Diligence & How to Minimise Risk

Introduction

Chinese investment into the United Kingdom remains substantial, with Chinese capital continuing to feature prominently in UK real estate, corporate acquisitions, education and private wealth transactions. While China is not designated by the UK as a high-risk third country for money laundering purposes, transactions involving funds originating from, or connected to, China continue to attract enhanced scrutiny in practice.

Since the UK’s 2020 National Risk Assessment highlighted the money laundering risks associated with informal value transfer systems used to circumvent Chinese currency controls, regulators and firms alike have become increasingly alert to the compliance challenges these transactions can present. In the current enforcement environment - with heightened regulatory expectations around source of funds, source of wealth, sanctions compliance and beneficial ownership transparency - professionals in regulated sectors must be able to identify, assess and appropriately manage the risks arising from transactions involving Chinese funds.

Co-presented by Anita Clifford and Jo Morris, this virtual classroom seminar examines the anti-money laundering and customer due diligence issues that can arise where Chinese funds are involved, together with the practical steps firms can take to minimise risk and comply with their reporting obligations.

What You Will Learn

This live and interactive session will cover the following:

• The different ways a money laundering concern can arise when a transaction involves money from China
• Common misconceptions when dealing with Chinese investors, including how the absence of currency controls in the UK does not mean that there is no money laundering concern
• The approach to customer due diligence, including best practice for source of funds checks
• The reporting obligation and how it can be triggered when a funds concern arises
• Case studies involving Chinese funds, with plenty of opportunity for Q & A

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.