Anti Money Laundering Update 2020
Anti Money Laundering Update
“SRA review shows that a fifth of law firms fail on money laundering compliance” – SRA press release 29th October 2019
• Over 7000 law firms will be checked for AML compliance by the SRA
• Fifth of law firms reviewed do not have the required firm risk assessment
• New annual Risk Outlook 2019/20 highlights 172 money laundering investigations in 2019
On the 26th June 2017, the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR2017) 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 MLR 2017 looks at many areas to consider – risk assessments, 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), Bribery Act 2010 and the Criminal Finance Act 2017
• The Money Laundering Regulations 2017:
o Risk assessment requirements and the role of the MLCO
o Policies, controls and procedures
o CDD including ongoing CDD and enhanced CDD
o Identifying the source of funds and wealth
o The extended definition of a PEP
o Beneficial owners
o 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
• What’s new – 5MLD and 6MLD
Joanna Morris has over 30 years’ experience of working in solicitors’ practices from being a legal cashier, practice manager & training manager. Joanna is a freelance trainer and consultant having previously been the Risk & Regulatory Compliance Training Manager at a top 40 law firm. Jo currently delivers training in many compliance subjects, both to the public and in-house clients, on AML, GDPR, SRA Accounts Rules and courses designed specifically for the MLRO, DPO, COLP and COFA. She is a qualified NVQ assessor and holds a Certificate In Education for Teaching in the Lifelong Learning Sector.