We might regard the Money Laundering Regulations 2017 as being quite stable; they have been in force for a few years now and as a set of regulations, build on previous sets of money laundering regulations which require checking of client identity and financial information.
This webinar is an update webinar which assumes knowledge of those standard processes. We assume you know and understand the standard requirement in client due diligence, high risk circumstances, firm policies and procedures, and the offences involved. The webinar looks at the updates to the legislation and expectations of future developments in policy papers and consultations published by the government.
Anti money laundering is a serious area of law for those that are regulated. It requires specific policies and procedures, detailed risk assessments, and attention to whether circumstances presented by clients and third parties constitute a risk or suspicion. Failure to adhere to the requirements can be an offence or can land the individual or firm in regulatory hot water
This update webinar and notes cover the latest developments. In particular, we are looking at points from:
• The Legal Sector Affinity Group Guidance
• Changes to the Money Laundering Regulations 2017 – with a particular look at the Money Laundering and Terrorist Financing (Amendment) Regulations 2019, and the Money Laundering and Terrorist Financing (Amendment) (High Risk Countries) Regulations 2021.
• The Economic Crime Act 2022
• Policy papers and consultations on anti money laundering during 2021 and 2022, setting out the way forward in areas of interest to law firms, such as intended changes to Companies House, and possible changes to AML supervision.
For those looking at how the changes we are covering will impact their firm, there are changes to the requirements for enhanced due diligence, changes to the lists for high risk jurisdictions, and a recommendation to read the Legal Sector Affinity Group Guidance in full. Compliance Officers will also want to note the updates to Companies House and the requirements for the Register of Overseas Entities.