Money Laundering Update - Fake ID’s, OM & More
Frauds are still besetting the legal sector, and the SRA have re-emphasised the importance of good, sound AML procedures in their latest Risk Outlook. The advent of the GDPR and international attempts to deal with global corruption, in the aftermath of recent security breaches, have all reinforced the need for cooperation and collective vigilance.
That said, the basic AML regime has not changed much and, as always, requires vigilance, scepticism and caution alongside recognition that, in the absence of evidence of criminality, we can still trust what we are told as professional advisers.
What You Will Learn
This webinar 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
- LSAG Guidance on AML
- CDD and Ongoing Monitoring as the law currently stands
- The key concerns
- Key offences
- How do you know if you are suspicious?
- Principal and ancillary offences
- Tipping off
- The Regulations - current and future requirements
- Internal compliance - new obligations and the SRA response
- 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