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.
Part 1
Notes
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