On the 26th June 2017, under the Fourth Money Laundering Directive (4MLD), the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 came in to force. Changes were also made to the Proceeds of Crime Act (POCA).
In December 2018 the results of the Financial Action Task Force (FATF) inspection were released which still said that there were improvements to be made in the way law firms work with regards to anti-money laundering. The SRA also continue with their thematic reviews with regards to AML.
The MLR 2017 looks at many areas to consider – policies, procedures, training, CDD and PEPs to name but a few. How much have you put in place over the last two years to ensure you are up to date with all things AML?
The course will cover:
- FATF inspection and the SRA thematic reviews
- What is AML and CTF
- Legislation including the Proceeds of Crime ACT 2002 (POCA)
- The Money Laundering Regulations 2017:
- Risk assessment requirements and the role of the MLCO
- Policies, controls and procedures
- Changes made to due diligence
- Capturing of client information
- Identifying the source of funds and wealth
- The extended definition of a PEP
- Beneficial owners
- Record keeping
- Reporting to the NCA – what to report and how to complete a SAR
- Facts and figures from the NCA
- Penalties for getting it wrong
- Template documents – what records should you be keeping
- The future – 5MLD and 6MLD