The Fourth Money Laundering Directive: A Practical update to Protect you and your Firm
Date: Wednesday, 28th January 2015
Time: 12.30 Registration and Light Lunch, 13.00 – 16.00 Seminar
Venue: Gateley LLP, One Eleven, Edmund Street, Birmingham B3 2HJ
Fee: Member £99 + VAT Non-Member £115 + VAT
This interactive seminar will provide an update on the latest developments, focusing on the proposed Fourth Directive, the NCA’s concerns about the quality of reports and the SRA’s concerns that legal practices are not complying with their AML obligations. The SRA’s Risk Update (November 2014) provided further guidance on money laundering and bogus firms. The EU will adopt the Fourth Money Laundering Directive in early 2015, implementation in the UK is expected in the first half of 2016.
Fourth Directive
- Timetable – EU and UK
- Key changes
- What will the effect be?
- What should you do next?
Proceeds of Crime Act issues
- SRA
- Risk Outlook/Update
- AML thematic Review
- Bogus firms
- NCA
- Guidance on reporting
- Sept 2014 guidance
- Professional Enablers
- Law Society guidance
- Risks for lawyers
- FATF typologies report/red flags
- IBA guidance
- High risk countries update
- Discussion on issues for firms
MLR
- Client inception challenges
- Risk assessing the client
- Source of funds
- Clients with foreign connections (PEPs/sanctions/high risk countries)
- Keeping the retainer under review
- Training staff
- Are your systems effective?
- Discussion on issues for firms
Speaker details;
Alison Matthews is the author of the AML Toolkit published by the Law Society, the former Chair of the Money Laundering Taskforce and was the Associate Director – Compliance/MLRO at Irwin Mitchell LLP until March 2012. She joined from Professional Ethics, Law Society after 12 years at a senior level, dealing with guidance and policy issues regarding investment business and money laundering. She has been advising on AML issues for 20 years. She now has her own compliance and training consultancy and lectures for all the UK Law Societies, the Isle of Man Law Society, local law societies and CLT.
Alison has recently received the award of UK Money Laundering Adviser of the Year 2014 in the ACQ5 Global Awards and UK Anti Money Laundering Firm of the Year 2014 in the Finance Monthly M & A Awards 2014.