The regular review of money laundering risk management procedures and compliance continues to be important as does the requirement to maintain appropriate systems forming part of the management obligations of the firm under the SRA Handbook for outcome focussed regulation. The outcomes in chapter 7 include the management of anti money laundering compliance. Training of all relevant employees regularly remains a mandatory requirement under the Money Laundering Regulations which this course will help meet. The issues relating to anti money laundering and counter terrorist financing continue to evolve together with the efforts of those attempting to launder money to find new methods. The course will address the current challenges, review the legislation and the relevant case law as well as consider continuing issues where change is being considered. The course will be relevant to Money Laundering Reporting Officers and all those with the responsibility of managing compliance or with an interest in relation to anti money laundering and counter terrorist financing systems and procedures.
The course will cover:
- * An update in respect of current issues in relation to anti money laundering
- Examples of current concerns in relation to both money laundering and fraud
- A review of the key cases
- An update and review of the existing legislation
- A detailed review of the practice and procedure to ensure compliance with the Money Laundering Regulations 2007 including a review of the key issues from the Law Society’s practice note. The following issues will be covered:
- Regulated activities
- Risk assessment
- Customer due diligence
- Beneficial owners
- Identification and verification
- Electronic service providers
- Timing of procedures
- Ongoing monitoring
- Simplified and enhanced due diligence
- Reliance on third parties
- Record keeping
- Internal procedures
- Compliance and auditing
- Privilege
- Training
- * Warning signs of money laundering
- Some practical issues around disclosure and reporting