In the latest update, Brian and Bill will be discussing:
- Preparing for an SRA AML audit - what staff and compliance officers need to know.
- SAR reporting - latest statistics from the NCA and when and how external reports should be made.
- The law and practice as it relates to the 3 principal money laundering offences and the statutory defences.
- Avoiding “tipping off”
Simpler AML Regulation?
We have recently seen a report published by the government’s Taskforce on Innovation Growth and Regulatory Reform (TIGRR), which talks about, in part, how the regulation around money laundering could be made simpler and more understandable; the taskforce was setup as part of the UK’s exit from the EU. It will be interesting to see what comes of this report and its recommendations and whether it leads to a substantial overhaul of the current money laundering legislation.
Preparing for an SRA AML Audit
The Solicitors Regulation Authority is continuing its thematic reviews into the level of AML compliance within law firms, so it is important that firms are ready for the potential ‘knock on the door’ to check on what they are doing. The areas we will be covering will include:
- Who should be present during an SRA AML visit?
- Using AML templates/standard wording
- Putting policies, controls and procedures into practice
- The role of key officers in AML compliance (MLRO, MLCO, COLP, managers)
Money Laundering Offences and Defences
We will look at some of the themes that have been identified in recent National Crime Agency reports and the issues to look out for when sending defence (consent) requests to the NCA; we will also look at what needs to be included in requests and the difficulties that can be encountered if there is insufficient information provided about the suspicions for which a defence is required.
It is important that firms have a good understanding of the key money laundering offences they could fall foul of, and the statutory defences that are available to them should they need them.
Tipping off
Tipping off is still an area that firms and their staff need to consider, as the penalties for this offence can be very serious; communicating with staff, especially with so many people now working from home, is critical once a report has been made to the MLRO/NCA, as those involved will need to know what they can and can’t say to clients who are chasing them for progress in their matters.