Anti-Money Laundering Regulations

Anti-Money Laundering Regulation Training for Professionals

As white collar crime continues to grow so the government’s power to prevent and detect crime increases. Financial crime is of particular concern to the UK government. Most people involved with any kind of financial transactions have requirements to identify their clients under the Money Laundering Regulations 2003. The extent and scope of the 2003 regulations was extended in the Money Laundering Regulations 2007. The Proceeds of Crime Act 2002 also applies.

As a finance professional you could have responsibility to identify and report suspected money laundering and any crime including the proceeds of crime which may be discovered in your activities.

Who is affected?
• accountancy service providers
• tax advisers
• bookkeepers
• payroll staff

How training can help
• Help you comply with your legal obligation
• Understand procedures
• Understand your responsibilities
• Understand what to do if you suspect money laundering

Online training

We offer two online audio-visual presentations which cover all the requirements of the Money Laundering Regulations.

Presentation 1: For all staff who are required to comply with the Regulations. Importantly this includes any person who is ‘client facing’ – that is anyone who may speak to a client and therefore includes receptionists and even junior members of staff.
• What is money laundering
• Source of your responsibilities
• Your responsibilities
• Your firm’s policies and procedures
• Customer due diligence
• Reporting

Presentation 2: MLRO (Money Laundering Reporting Officer) or Practice Owner for small businesses.
• Role of the MLRO
• Reviewing reports and SOCA
• Records to be maintained
• How to evaluate compliance
• Training required
• Additional guidance
• Inspections
• The professional’s guide

Downloadable slides
Each presentation includes downloadable slides which can be viewed during the presentation or afterwards for reference.
 

Testing
Both presentations include a short test consisting of multiple choice questions and the results are recorded. The ‘pass mark’ is 80% and the test can be repeated to ensure that the training has been fully understood.
 

Certificate
A downloadable certificate will be available for those who complete the training and the training will count towards the CPD requirements of most regulating organisations.
 

What is money laundering?

Someone is engaged in Money Laundering if they:
- Conceal, disguise, convert, transfer or remove (from the UK) criminal property;
- Enter into or become concerned in an arrangement which they know or suspects facilitates (by whatever means) the acquisition, retention, use or control of criminal property by or on behalf of another person; or
- Acquire, use or has possession of criminal property and they know or suspect that the property constitutes or represents a benefit from criminal conduct. (Proceeds of Crime Act, as interpreted by CCAB)
 

What are your responsibilities?

- All individuals working for the firms and carrying out ‘accountancy services’ have a personal legal responsibility to report any knowledge or suspicion of Money Laundering as soon as practical.
- The maximum penalty for not reporting is five years imprisonment and or an unlimited fine.
- An employees’ duty ends when the report has been made to the MLRO (Money Laundering Reporting Officer) and a receipt has been received.
 

Are there any circumstances where I should not report?

- Where there is no useful information. For example where you are unable to identify the culprit or the whereabouts of criminal property.
- Where the crime occurred overseas and was a legal act under the local law.

Cost

• MLRO training – £47 (excluding VAT) for 2 hours of training.
• Staff training – £27 (excluding VAT) for 1 hour of training.
 

How to purchase

Complete the form below and we will send you information on how to purchase the course.