Money Laundering and Financial Crime 2017 Update

The new Money Laundering Regulations came into force on 26 June 2017 and the Law Society’s draft  Practice Note was published at the end of September. The regulations are the most radical reform of  the anti‐money laundering regime since the Proceed of Crime Act was passed in 2001, with the  establishment of the Office for Professional Body Anti‐money Laundering Supervision (OPBAS).

Failure to report suspicious activity, inadequate customer due diligence or unwitting involvement in  money laundering exposes, the MLRO, the individual solicitor and the firm to criminal prosecution  and/or disciplinary action.

Each firm must undertake an annual AML risk assessment, update existing policies and procedures,  provide training to al staff and consider the applicability of staff completing an annual declaration of  compliance.

CONTENTS

  • Overview of the Money Laundering Regulations 2017
    • Beneficial ownership registers
    • Simplified and Enhanced Due Diligence
    • PEPS
    • Issues with companies and Trusts
  • The key differences between the 2007 and 2017 Regulations
  • AML Risk Assessment – what needs to be included
  • Compliance best practice
    • Client / matter inception forms
    • Source of funds guidance
  • NCA guidance
  • SRA guidance
  • Office for Professional Body Anti‐Money Laundering Supervision
  • Disclosures and Suspicious activity report
  • Being clear on what you need to change immediately in terms of documentation, approach  and audit

Course length: 1 hour, 2 hours or 3 hours