Training Courses

Money Laundering Workshop for Property Firms

Category: Property

Course level: Introductory to Intermediate

In house

This 2-hour workshop covers the main anti-money laundering legislation and regulations relevant to the property market. It will explore the Proceeds of Crime Act 2002, Serious Organised Crimes Act 2005, Third Money Laundering Directives, JMLSG 2006 Guidance Notes and RICS Guidelines.

The workshop will also look at 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:

  • the Proceeds of Crime Act and the Serious Organised Crimes Act
  • impact of the Third Money Laundering Directive on property firms
  • RICS guidelines and overlap with FSA rules
  • individual responsibilities to report suspicion
  • penalties for failing to comply
  • what procedures the firm should implement

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 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 Act 2005

What changes have been introduced?

Third Money Laundering Directive

Second vs Third Directive – how do they differ?
Implications for property firms
JMLSG Money Laundering Guidance review
2007 UK 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 required
How does your firm demonstrate and evidence compliance?
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

T&C regime

Awareness and training
Who must be trained and how often

Record keeping

Latest updates

FATF blacklist
JMLSG guidance
FSA actions

This course would be suitable for:

  • Those subject to money laundering rules
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