Money Laundering Regulations 2017

Money Laundering Regulations 2017

  • 8 ratings, 415 users enrolled

Course Overview

The Money Laundering Regulations 2017 came into force on 26 June 2017. It has been quite the ride; from consultation on 15 March 2017 through a general election and purdah, the new money laundering regulations were laid before parliament only four days before implementation.

Bringing into force the 4th Money Laundering Directive, the new money laundering legislation arguably goes further in some areas.

Compared to the Money Laundering Regulations 2007, there is a far greater focus on management responsibility within the Money Laundering Regulations 2017; Under 19.1 of the new money laundering regulations, a firm must appoint a relevant person who regularly reviews and updates their firm’s AML policies, controls and procedures and keeps a record of their communication. This AML appointment must also be approved by the SRA.

It is essential that firms, regardless of their size, take AML compliance seriously if they are to avoid falling foul of the new money laundering offences, such as a summary conviction and / or financial penalties, introduced by The Money Laundering Regulations 2017.

During this session compliance expert Katie Jackson of Honne Ltd. will provide viewers with guidance on the issues which law firms must be aware of if they are to adhere to the new money laundering regulations.  These include:

·         Internal controls

·         Risk Assessment

·         Training

·         Independent audit – Is this an option?

·         Notifying the SRA – When and how?

·         Customer Due Diligence Measures

·         Enhanced Due Diligence

·         PEPs

·         Beneficial Ownership

·         New Criminal Offences

This is a practical session which emphasises the importance of staff training; Your staff must know where the high-risk situations are in your firm and how to assess the risk of dealing with each customer. A template risk assessment is also included and can be modified depending on the size of your firm, to ensure that your firm’s risk assessments are adequately conducted and recorded.

What are the requirements?

  • Watch the recorded webinar and review the reference notes and optional evaluation form to test your legal knowledge.
  • This course provides 1.5 CPD points (including the time spent reviewing the supporting documentation).

Learning Outcomes

  • • Have received an AML overview and understand what is expected with regard to AML compliance
  • • Be familiar with The Money Laundering Regulations 2017and your responsibilities in line with them
  • • Be able to recognise and address any risk areas
  • • Be aware of the money laundering offences and penalties introduced by The Money Laundering Regulations 2017
  • • Be confident that your staff have undertaken relevant AML training

What is the target audience?

  • This course is suitable for practitioners of all levels

About Instructor - Katie Jackson

Katie Jackson is a consultant specialising in law firm compliance and regulation. A former Inspector for the Council for Licensed Conveyancers, Katie led and managed inspections of some of the largest conveyancing practices in the country. Prior to working for the CLC, Katie spent a number of years working in various inspection and policy roles for the Solicitors Regulation Authority, and Legal Services Commission.

Course Curriculum

Recorded Webinars

  • Part 1
    00:35:00
  • Part 2
    00:26:00

Documentation

  • Notes
    16 Page
  • Evaluation
    1 Page

reviews

  • Price
  • £ 100