Invaulable guidance regaring Regulation 19 of the Money Laundering Regulations 2017
With the Money Laundering Regulations 2017 in place, firms are implementing their own risk assessments. As well as taking account of the risk assessments at national, supranational, and regulator level, and the risks posed by their own client profile, firms must also consider the sector specific guidance and warning flags under Regulation 19 of the new regulations.
The new regulations also introduce OPBAS, the oversight regulator for money laundering, as well as the Legal Sector Affinity Group, and have prompted an extensive level of interest from the regulators in anti-money laundering.
Looking at the new guidance and risk assessments, this discursive webinar covers the main risks highlighted by the main interested bodies operating in legal services; setting out for you some examples of the types of risk posed in different situations, and highlighting the warning flags discussed by the regulators.
Suitable for intermediate to advanced level audiences, this webinar is ideal for anyone:
anyone reviewing their risk assessment and considering how to proceed
looking for an opportunity to bring to life the various sets of guidance which could be relevant to Regulation 19 of the Money Laundering Regulations
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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