Access Legal’s latest quarterly AML update webinar is being held on 14 October 2021 at 12.30pm, and as usual we will be joined by Bill Jones, a financial crime specialist.
With Natwest Bank facing a substantial fine for AML non-compliance, the release of the Pandora papers, and the Solicitors Regulation Authority launching investigations into 10% of firms it checked for AML compliance, making sure your firm is doing the right thing is key!
So, what are we covering this time around?
First of all, we will be looking at the need for risk-based source of funds checks, including the level of enquiry that you should undertake, how to deal with funds coming from other regulated legal entities, how source of wealth is linked to transaction funds, whether you can rely on bank due diligence, and what records you need to maintain to prove compliance.
We will also be going through a number of case studies with a view to showing you how source of funds checks that need to be carried out in real life situations.
Next, we will look at what you need to consider when carrying out enhanced due diligence (EDD) checks, looking at things like when EDD would be appropriate and what evidence should be sought to support whether acting for clients is appropriate.
We will then take a look at transactions that involve high-risk third countries and the requirements that you need to meet in these situations.
Finally, we will take a look at how you can terminate risky retainers and avoid tipping off.
Our recent survey found that 84% of compliance officers were kept awake at night over concerns about complying with AML obligations, by attending this webinar we hope you will be able to sleep a little more soundly going forward!