- Update/Intermediate * 3 hours CPD
The Money Laundering Regulations 2007 came into effect on 15th December 2007, revoking the 2003 Regulations entirely and imposing swingeing new obligations on firms in the unceasing fight against money laundering and terrorism financing. The new regime has particular relevance for trust and other private client practitioners and the course will include worked examples of beneficial owners in different client relationships such as trusts and companies, and of typical money laundering scenarios which the private practitioner may expect to encounter. Some of the definitions in the new regulations can lead to unexpected results when acting for trustees in a conveyancing transaction and for PRs in the administration of an estate.
The course will also cover:
- Introducing the concept of customer due diligence measures ('CDD')
- Extending CDD to the beneficial owner as well as to the client
- Extending CDD to existing clients
- Introducing the concept of a risk-sensitive approach to CDD
- Introducing the concept of ongoing monitoring of a business relationship
- A resume of POCA and its amendments in 2005