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

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

Session

7 Jun 2024

2:00 PM

4:00 PM

With a SmartPlan £243

With a Season Ticket £270

Standard price £360

All prices exclude VAT
Level
Advanced: Requires substantial subject knowledge
CPD
2 hours
Group bookings
email us to discuss discounts for 5+ delegates

Introduction

In 2021, Chinese investment into the United Kingdom is estimated at £135 billion. Although China is not on the UK’s list of high-risk countries for money laundering and terrorist financing, in practice caution is frequently exercised when transactions involve funds from China.

The UK’s last published National Risk Assessment draws attention to the money laundering risk that can arise when an informal banking system is used to move money out of China with the effect being that strict currency controls in place in China are sidestepped. For those in regulated practice, from lawyers to estate agents, this can raise a money laundering concern and trigger the reporting obligation.

Co-presented by Anita Clifford and Jo Morris, this virtual classroom seminar focuses on how Chinese funds can raise specific anti-money laundering and customer due diligence issues which are essential to understand.

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.