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Anti Money Laundering

Course: NEW: Money Laundering Regulations 2017
Cost: £195 + vat
CPD: 3 hours
Code: MLN011020
Availability: Places

This course examines the new Money Laundering Regulations 2017 which came in to force in June 2017 and introduced the changes to the UK anti-money laundering legislation necessary to comply with the European Union Fourth Money Laundering Directive (4MLD). Whilst of relevance to all persons working in the regulated sector, it is particularly targeted towards the application of the anti-money laundering procedures in the legal sector and is ideal for those individuals acting as a nominated officer (or money laundering reporting officer).

The course content will the key provisions of the Terrorism Act 2000, Proceeds of Crime Act 2002 and the Money Laundering Regulations 2017 as they affect solicitors in private practice. Detailed consideration of The Law Society's Draft Anti-Money Laundering Practice Note ensures that delegates attending the course will be aware of what is considered to be best practice in this important area. A review of relevant disciplinary cases will help delegates to understand the regulatory approach adopted by the Solicitors Regulation Authority and the main areas of work where problems are most likely to arise.

Topics covered:

The Money Laundering Process

  • The definition of money laundering
  • The money laundering process
  • Practical examples within a legal firm

Outline of the Legal Framework

  • Financial Action Task Force
  • European Directives
  • Proceeds of Crime Act 2002
  • Terrorism Act 2000
  • Money Laundering Regulations 2017

Money Laundering/Terrorism Offences

  • Proceeds of Crime Act 2002
  • Terrorism Act 2000

The Role of National Crime Agency

  • Suspicious Activity Reports (SAR's)
  • Seeking Consent

Money Laundering Regulations 2017

  • Adopting a risk based approach
  • Services to which they apply
  • Extent of customer due diligence requirements
  • Practical application of due diligence requirements
  • Requirements relating to beneficial owners
  • Timing of due diligence
  • Renewing due diligence
  • Ongoing monitoring requirements
  • Administrative obligations

Data Protection

  • Role of the SRA
  • Investigation Powers

This course is designed to meet the needs of Nominated Officers, Money Laundering Reporting Officers (MLRO's), sole practitioners, partners, members, directors, managers, fee earners, compliance/risk officers, practice managers and finance staff working within a solicitors practice or Alternative Business Structure (ABS).

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