Anti-Money Laundering - Understanding Why Professionals Are ‘High Risk’

Introduction

The issues around money laundering get ever more complicated. With new Regulations coming thick and fast and new obligations being thrust upon us with alarming rapidity professional practitioners have an uneasy path to tread. With more aspects of our daily work becoming embroiled in the regime the regulators have recently undertaken thematic reviews and concluded that the professional sectors are at high risk of money laundering and proliferation financing and that there were many factors that were still unaccounted for.

New AML SARs reporting portals, new definitions of ‘professional enablers’ and new proposals that require us to adopt procedures to prevent fraud all complicate the picture.

What You Will Learn

This live broadcast session will cover the following:

• What does the law currently require?
• UK legislation and regulation - POCA and Criminal Finances Act 2017
• The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 and several subsequent amendments
• Revised Professional Guidance on AML 2023 (from JMLSG, HMRC, CCAB, LSAG as updated)
• CDD and ongoing monitoring as the law currently stands
• The key concerns
• Key offences
• Do I know when to be suspicious?
• Principal and ancillary offences
• Tipping off
• The Regulations - current requirements including recent and proposed amendments
• Internal compliance - new obligations and the SRA response
• Internal matters - watching the staff; monitoring the policies
• CDD and beneficial owners - whose heartbeat are we serving?
• A culture, not an event - ongoing monitoring
• Practical responses - Delivering the new agenda
• Do you need to change anything?
• How often do I need to update my risk assessments?
• Do we still need to obsess about ID - when recent case-law acknowledges that it can all be false anyway?
• OM - the real secret to unravelling suspicious matters

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.