Key Aspects of the Money Laundering Regulation

Delegates

This course will be of benefit to all those who work in the FCA regulated sector and need to be aware of the Money Laundering Regulations 2017 and the Money Laundering Directives. The course is aimed at an introductory level but staff working throughout the organisation that are familiar with this topic may benefit as well.

Course Content

The course covers the key regulations for money laundering and terrorist financing. It provides an introduction into the subject as a whole and comprehensive coverage of the Money Laundering Regulations with specific emphasis on the FCA regulated sector. By attending this course delegates will gain a firm understanding of how the current regulations affect the way that their firms operate.

Topics covered on this course will include:

• Background
  -Historical Context
  -The FATF Recommendations
  -The JMLSG Guidance
  -The National Crime Agency
  -POCA 2002
  -The Terrorism Act 2000
  -The Money Laundering Regulations 2017
  -Other Anti-money Laundering Law and Regulations
  
• Scope
  -The 4th and 5th EU Money Laundering Directives
  -Business in the Regulated Sector
  -Exemptions
• Risk-based Approach
  -Objectives of a Risk-based Approach
  -Control Procedures
• Customer Due Diligence
  -Simplified
  
• Enhanced Customer Due Diligence
  -Simplified
  -Enhanced Due Diligence
  -Beneficial Owners
  -Politically Exposed Persons
  -High risk jurisdictions
  -Ongoing Monitoring
  -The Effect on Tipping Off Under POCA 2002
• Financial Sanctions
• The current sanctions regime
• Penalties for non-compliance
• Policies and Procedures
  -Record Keeping
  -Reporting Requirements
  -Staff Awareness and Training
  -Senior Management Responsibility
  -Reliance on Third Parties
• Supervision and Registration
  -Supervising the New Regime
• Registration Processes
• Enforcement
  -Supervisory Authorities
  -Powers of the Designated Authorities
  -Penalties
  -Business Relationships