What’s new in AML 2023

The AML regime continues to intensify with new measures to prevent kleptocrats and oligarchs from abusing the UK financial system. Now that the Register of Overseas Entities is in full force, firms are under additional pressure to risk assess the possibility that clients may be involved in the financing and proliferation of nuclear weapons.

There has also been further guidance on the sanctions regime – with the reminder that sanctions have a broader application than money laundering – and there are suggestions that a failure to import steps to prevent fraud more generally will become a criminal offence in the near future. And, the SRA continues its relentless enquiries into every firm’s systems, procedures and policies and demanding evidence every step of the way.

This webinar will explore:

• Key financial crimes, including FinCEN, sanctions list guidance and counter proliferation financing
• Economic Crime Act 2022 and the Register of Overseas Entities
• Key PoCA duties and legislative risks
• Overlaps with frauds and scams; suggested new legislation
• The attitude of NCA to Suspicious Activity Reports
  • Key inclusions
  • How should they be drafted to maximise their effectiveness?
• Key inclusions of the MLTF Regulations 2017 as amended
• Risk assessments – the three layers: Treasury, sectional regulators and professional firms
• Regulators’ investigations – key enquiries and things to focus on
• CDD – the key aspects
  • Getting the key documentation
  • Vetting the key documentation
  • Source of wealth and funds investigations
• Electronic searches – the way forward; new technology and extra assurances
• What to do if you come across a PEP
• Other considerations – ongoing monitoring – keeping CDD up-to-date and scrutinising transactions throughout