Delivered by experienced lecturer and compliance consultant Katie Jackson of Honne Ltd, this introductory webinar will examine the basics of anti-money laundering for those dealing with client due diligence within the legal sector; This might be reception staff handling monies or administration staff working out how to conduct identity and source of fund checks for clients.
Outlining the main aspects of the Money Laundering Regulations 2017, this webinar provides a helpful overview of the main risks in money laundering, the roles of the regulators and the risk assessments at national, supranational, and regulator level.
The webinar encourages staff to look internally at their own risk assessment to understand the spread of risk in the firm, how to manage local and remote clients, and potential issues to spot nationally and internationally.
With supporting notes and a question and answer, this webinar provides a great starting or refresher point for staff.
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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