Combatting Financial Crime - ‘Legitimate Interest’ Applications under the Trusts Register
The Fifth Anti-Money Laundering Directive (‘5AMLD’) required the UK to implement a third-party accessible trust register of beneficial ownership.
In preparation of the registration deadline on 10 March 2022, this new webinar considers one of the newest additions - the ‘legitimate interest’ application.
The webinar looks at the third-party application for information on the register, and in anticipation of the Government guidance, considers the application process, the rights of trustees and how the information could be used to combat financial crime.
What You Will Learn
This webinar will cover the following:
- The 5AMLD and Trust Registration:
- Reminder of key provisions
- ‘Legitimate Interest’ Applications:
- The purpose of the applications
- The requirements for an application
- Exemptions and possible protections for trustees
- The Applications in Practice:
- How ‘legitimate interest’ applications could assist companies with customer due diligence
- The impact the applications may have on the regulated sector
- Whether trustees will receive notifications from HMRC about applications or will have the power to prevent disclosure
- The Use of the Applications by HMRC:
- How the information from applications could be used to pursue investigative orders under the Proceeds of Crime Act or form the foundation for civil orders or recovery proceedings
This pre-recorded webinar will be streamed at 12:30pm on Tuesday 20th April 2021 and will remain available to view by delegates who have registered by then for 90 days.
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