The Role, the Responsibilities & the Risks for MLROs - Your Live Guide to the 3 ‘R’s

Introduction

On the 10th January 2020, the Money Laundering Regulations 2017 were updated to include new regulations under the 5th Money Laundering Directive (5MLD). Changes were made in key areas including policies, controls and procedures, training requirements, client due diligence, enhanced due diligence and discrepancies on registers. Also, the scope of the sectors covered by the MLR 2017 changed to include the art world and letting agents.

Under legislation it is a requirement by law to have a nominated money laundering reporting officer (MLRO) in the regulated sector. MLRO's and their deputies will need to ensure that all policies, procedures and internal controls and risk assessments have been updated to incorporate the changes and training has been provided for the staff.

Some of the regulators have been updating their guidance to their sectors and new draft guidelines have been issued. The CCAB for the accountancy sector released their draft guidance in September 2020 and HMRC updated their guidance for estate agents in October 2020. After the 5MLD changes came into force the regulators decided to revisit their earlier guidance. An example being the Legal Sector Affinity Group (LSAG) who released a complete overhaul of the earlier guidance for the legal sector. The new guidance gained HM Treasury approval in July 2022. Are you up to date with the revised guidance for your sector?

This live broadcast session is not for academics but is full of practical advice and real-life scenarios.

Presented by the 'brilliant' and 'engaging' Jo Morris this live broadcast is essential if you are new to the role of MLRO or deputy or just wish to learn more about the role and the changes in regulation.

What You Will Learn

This live and interactive session will cover the following:

• The appointment of the MLRO
• Job description - what does the role cover
• The regulators and their guidance
• The Money Laundering Regulations 2017 including the 5MLD updates:
• Risk assessment requirements
• Changes made to due diligence
• Capturing of client information
• Identifying the source of funds and wealth
• The extended definition of a PEP
• Beneficial owners
• Record keeping
• MLR2017 and Data Protection
• Training - who, what, when and how
• Reporting to the NCA - what to report and how to complete a SAR
• Penalties for getting it wrong
• Template documents - what records should you be keeping
• The future

Quick Quiz - Test Your Knowledge: Money Laundering

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.