AML & CDD Workshop - Current Developments & Practical Best Practice

Introduction

Effective Client Due Diligence (CDD) is far more than obtaining a passport or driving licence. Firms must be able to demonstrate that they truly know their clients, understand the money laundering and terrorist financing risks they present and apply appropriate due diligence throughout the business relationship.

This practical workshop is designed for MLROs, deputy MLROs, MLCOs, compliance professionals, client onboarding teams, fee earners and anyone responsible for undertaking or overseeing Client Due Diligence.

It examines the legal and regulatory framework, recent legislative and regulatory developments, common compliance pitfalls and current best practice, providing practical guidance to help delegates apply effective, risk-based CDD with confidence.

What You Will Learn

On completion of this practical workshop, you will be able to:

• Understand the role of CDD within an effective AML framework and apply a proportionate, risk-based approach
• Review recent developments in the UK's AML regime, including changes to legislation, regulatory expectations and emerging best practice
• Consider the practical implications of the Economic Crime and Corporate Transparency Act, including developments affecting Companies House and identity verification
• Apply the requirements of the Money Laundering Regulations and current regulatory guidance to client onboarding and ongoing monitoring
• Identify and verify individuals, companies, partnerships, trusts and other legal entities, including beneficial owners and those exercising ownership or control
• Recognise when CDD must be undertaken, refreshed or enhanced, including trigger events and higher-risk situations
• Understand when to apply Standard, Simplified and Enhanced Due Diligence (EDD) and the additional enquiries required for higher-risk clients
• Use electronic identification and verification tools effectively, understanding current expectations for digital identity, together with their benefits and limitations
• Conduct effective sanctions screening, Politically Exposed Person (PEP) checks and adverse media searches, taking account of recent developments in sanctions enforcement and ongoing monitoring
• Distinguish between Source of Funds and Source of Wealth, understanding when each is required and how to evidence enquiries appropriately
• Recognise money laundering red flags and identify when further enquiries or EDD are necessary
• Explore the latest supervisory themes, common compliance failings and enforcement action, learning practical lessons that can be applied within your own organisation
• Strengthen your firm's CDD procedures through practical examples, case studies and best practice guidance