Essential AML guidance for compliance practitioners
Under Regulation 21 of the Money Laundering Regulations 2017, a firm can appoint a Compliance Officer alongside a MLRO to ensure compliance with the Regulations.
This advanced webinar is aimed at those fulfilling that compliance role, providing background knowledge of international policy and best practice positions in money laundering, as well as a different perspective on how to develop your risk assessment and policies and procedures in order to meet the regulations.
Delivered by compliance consultant and director of Honne Ltd. Katie Jackson, this webinar will discuss The Financial Action Task Force Recommendations and their relationship to the Money Laundering Regulations 2017 and high-risk countries and will provide viewers with an overview of the latest developments in money laundering regulation, including the regulation of virtual currency, the challenges of identifying customers, and The Law Commission's review of the Money Laundering framework.
Consideration will be given to the guidance issued to legal professionals by The Financial Action Task Force in respect of the need to develop a risk assessment for your firm, including detailed international risk factors relating to clients, transactions and geographical areas.
Essential for compliance staff, this session will provide viewers with invaluable ideas for developing policies and procedures in your firm, including 'cultures of compliance'; the three lines of defence, and conducting an annual money laundering review.
The webinar is accompanied by detailed notes to support further learning.
The Fifth Money Laundering Directive is introduced on 10 January 2020; a summary of the changes is as follows:
1. A requirement to report to the registrar (for example, Companies House) if you find a discrepancy in company registration or beneficial ownership information when conducting due diligence.
2. Changes to due diligence for company beneficial ownership. You must take all reasonable steps to identify the beneficial owner of a body corporate, but where that is not possible, you can verify the identity of a senior person within the body corporate who is responsible for managing it. You must keep records in writing of all steps taken to verify the identity of the person concerned, and any difficulties.
3. Changes to the timing of due diligence. You must also conduct due diligence when there is a legal reason to contact a customer during the calendar year for the purposes of reviewing any information which relates to their risk assessment and relates to the beneficial ownership of the customer, including information which enables you to understand the ownership or control structure of the customer.
4. Electronic identification can be considered a reliable source of information which is independent of the person whose identity is being verified, where it is secure from fraud and misuse and capable of providing an appropriate level of assurance that the person is in fact the person with that identity.
5. The regulations require firms to consider the EU list for high risk countries.
6. It also requires the regulation for money laundering of new categories of business including cryptocurrencies, art market participants, and letting agents.
Please take specialist advice for assistance with tax affairs or trusts.
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