Money Laundering, the New 5th Directive & Terrorist Financing - Annual Update with Jonathan Fisher QC & Anita Clifford
Following the recently published SRA report findings that of the 400 firms reviewed, a fifth failed to adhere to risk assessment protocols, other professional regulators are following this lead.
Enforcement action for anti-money laundering breaches is increasing, with more civil penalties and disciplinary proceedings being imposed by an array of regulators, ranging from HM Revenue and Customs to the Gambling Commission. More criminal prosecutions are likely.
In addition, the Fifth EC Money Laundering Directive is effective from 10 January 2020.
The changes are important and your anti-money laundering procedures will need to be updated and refined.
Failure to report suspicious activity, inadequate customer due diligence, or worse still, unwitting involvement in money laundering exposes you, the MLRO and your organisation to criminal prosecution and/or disciplinary action - so the importance cannot be stressed enough.
When a problem arises, the first question often asked by regulators or the police is - 'when did you last attend an anti-money laundering training course?'
The Regulations require regular anti-money laundering training, and although there is no prescribed period for a 'booster' course, but around every twelve months is considered a good yardstick.
What You Will Learn
This course will cover the following:
- New activities brought into the regulated sector
- Virtual currency and pre-paid cards
- Updated rules on beneficial ownership
- Access to public registers
- Defining a Politically Exposed Person
- High risk third countries
- Disclosures and suspicious activity reports
- Recent cases in the criminal courts
- Recent cases in the civil courts
- Enforcement update
- Round-up and future developments
The course has been designed by Jonathan Fisher QC, one of the country's leading experts in anti-money laundering and counter-terrorist financing law and practice, in collaboration with Anita Clifford, a barrister with a specialist practice in this area.
Quick Quiz - Test Your Knowledge: Money Laundering
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