Training Courses

Money Laundering Workshop for Investment Firms

Category: Regulation and Compliance

Course level: Intermediate

In house

This 2-hour workshop covers the Proceeds of Crime Act 2002, Serious Organised Crimes Act 2005, Third Money Laundering Directive and JMLSG 2006 Guidance Notes.

In particular, the course will discuss the role of the Money Laundering Reporting Officer, the responsibilities of senior management to put in place adequate systems to train staff and report suspicions, and the individual responsibility of staff to identify and report suspicious transactions.

The workshop is designed to give delegates the opportunity to discuss each area thoroughly. Case studies will be used to promote group discussion.

Objectives

By the end of this workshop, delegates will have a more complete understanding of:

  • what constitutes money laundering
  • relevant legislation and regulations
  • the offences and penalties
  • their individual reporting responsibilities

Length

2 hours

Course Content

What is money laundering?

Understanding the crime and its implications
How is the UK financial system at risk?

The agencies involved

FSA (risk cluster analysis)
NCIS/SOCA, FATF, FIU, JMSLG
US authorities (international co-operation)

Proceeds of Crime Act (POCA) 2002

Assets recovery unit
Statutory offences (concealing, assisting, failure to disclose, etc.)
Defences
Penalties
Appropriate consent
Types of disclosures
What constitutes criminal conduct? (Extension from previous legislation)

Serious Organised Crimes & Police Act (SOCA) 2005

What changes have been introduced?

Third Money Laundering Directive

Implications for the UK financial sector
Implications for other professional firms
JMLSG Money Laundering guidelines
2007 Regulations
Rules on dealing with non co-operative countries
Powers of HM Customs & Excise
Originator information

What must firms do? (Internal controls)

Senior management responsibilities
Systems and controls (overlap with FSA SYSC)
Role of the Money Laundering Reporting Officer
Tailored policies and procedures

Client identification (new CDD rules)

How to verify identity
What evidence is required?
Who is the underlying client?
Cancellation and cooling off
Dealing with private customers

Recognising and reporting suspicious activity

Reporting lines
Duty to report, penalties for failure to comply
What is suspicion?
Internal and external reporting requirements
Investigations

T&C regime

Awareness and training
Who must be trained and how often?

Record keeping

Latest updates

FATF blacklist, JMLSG and FSA guidance
FSA sanctions against UK firms
Third EU Money Laundering Directive
Recent FSA notices

This course would be suitable for:

  • Approved Person
  • Client services and call centres
  • HR and training
  • Investment administration and operations
  • Investment professionals
  • Legal & Compliance
  • Senior managers
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