In 2017, the UK enacted The Money Laundering, Terrorist Financing and Transfer of Funds Regulations. Over the past few years, there have been a number of changes to these regulations. To help those governed by the Regulations navigate the ever-changing AML landscape, certain bodies have compiled industry-specific guidance. Two of those bodies are the Legal Sector Affinity Group (LSAG) and The Joint Money Laundering Steering Group (JMLSG).
Their guidance was published for the legal and financial sectors respectively. However, the risks faced by an organisation will vary on a case-by-case basis. Accordingly, many of our clients are still unsure as to what constitutes best practice, particularly with regards to carrying out onboarding risk assessments.
During this webinar, our experts explored the latest guidance, why it is necessary and what best practice reporting looks like.
The webinar covered:
- What is the LSAG guidance and how does it relate to MLROs?
- What is the risk based approach and why is it important as part of CDD?
- Understanding how to undertake client due diligence, and when to apply enhanced or simplified due diligence
- How and when to undertake ongoing monitoring
- How VinciWorks can help with client onboarding and ongoing monitoring
- How to enrol your staff in effective AML training