An Accountant’s Guide to Anti-Money Laundering Compliance

Introduction

‘Accountants are key gatekeepers for the financial system facilitating vital transactions that underpin the UK economy’ CCAB AML guidance March 2018.

All accountants, including tax advisors and insolvency practitioners, need to comply with their obligations under the new Money Laundering, Terrorist Finance and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017) helping to prevent, recognise and report any money laundering suspicions.

As the new regulations have been in force since June 2017 all firms should now have everything in place to cover the key areas of change including who is in charge of supervision, policies, controls and procedures, risk assessments at all levels undertaken, all CDD measures in place including enhanced due diligence and PEPs and the checking of the HM Treasury sanctions list.

Using the guidelines from the CCAB this in-person seminar is full of practical tips, advice and case studies helping you to have everything in place for compliance.

What You Will Learn

This course will cover many areas including:

• An introduction to AML
• The legislation including the Proceeds of Crime Act 2002
• The Money Laundering Regulations 2017
• Risk assessments
• Policies, controls and procedures
• Due diligence including ongoing CDD and enhanced CDD
• Capturing client information
• Identifying the source of funds and the course of wealth
• What is a PEP?
• Who are the beneficial owners?
• Record keeping
• Data Protection
• The sanctions regime and how it works
• Transparency International and the risks with overseas clients
• Training - how up to date are your staff?
• The role and responsibilities of the MLRO
• The NCA and reporting of suspicions
• The penalties for getting it wrong
• Overview of the Criminal Finance Act 2017
• The future - 5MLD and 6MLD
• The new regulator - OPBAS