AML/CTF – Time to care? [2022]

Webinar Details

Available now

Expires after 90 days

Trevor Hellawell MA (Cantab)

CPD Hours: 1


NEW FOR 2022! This 1 hour webinar is presented by Trevor Hellawell and provides an essential and useful update

This course is essential for anyone taking on taking on anti-money laundering duties within a firm, and a useful refresher for those who already hold this crucial responsibility.

  • The relevant legislation in the Proceeds of Crime Act and Terrorism Act
  • The NCA and reporting of suspicions
  • The penalties for getting it wrong
  • The Money Laundering Regulations 2017 as amended
  • Legal sector Affinity Group guidance (Jan 2021) on how to comply with the Regulations, in particular
    • Risk assessments – firm-wide (PWRAs) and client and matter-based
    • Policies, controls and procedures (PCPs)
    • Due diligence including ongoing CDD and enhanced CDD
    • Capturing client information
    • New duties in relation to the beneficial owners
    • Identifying and evidencing the source of funds AND the course of wealth
    • What is a PEP?
    • Technology – uses and considerations
    • Record keeping
    • Data protection
  • Training - how up-to-date are your staff?
  • RTFM - no point in having procedures if your staff ignore them
  • The role and responsibilities of the MLCO & MLRO – adequate resourcing
  • The key duty – ongoing monitoring

Key points to take away

  • Full understanding of the nature of the financial issues we face
  • The importance of undertaking thorough CDD – even if it feels un-necessary
  • What information do we need on the ultimate beneficial owner?
  • Source of WEALTH enquiries, as well as source of funds
  • Ongoing Monitoring – the key to success
  • Record everything – if in doubt, write it down