On-demand webinar: What’s the latest in AML compliance and what does the LSAG guidance say about it?

VinciWorks events banner

In July 2021, HM Treasury launched a new AML consultation entitled ‘Amendments to the Money Laundering Terrorist Financing and Transfer of Funds Regulations 2017 (MLRs)’. The planned updates, most of which are coming into force on 1 September, are required to ensure that the UK continues to meet international AML standards, whilst also clarifying how the UK’s anti-money laundering and counter-terrorist financing (AML/CTF) regime works. UK law firms continue to be at the forefront of the fight against money laundering and terrorist financing.

In this webinar, Lindsay Taylor from Compliance Office and Nick Henderson from VinciWorks gave a thorough overview of the latest in AML compliance and what’s changing.

The webinar covered:

  • The latest amendments to the LSAG guidance and what they mean
  • An overview of MLRs and what’s changing
  • Lessons learnt from previous AML fines
  • How recent sanctions on Russia affect client onboarding and ongoing monitoring
  • Answering attendee questions – send your question in via the registration form

Watch now

VinciWorks’ AML client onboarding solution

AML on-boarding solution dashboard

Law firms, accountancy firms and financial corporations are required to conduct risk assessments, client due diligence (CDD) and ongoing monitoring of their clients. The precise processes for CDD and risk assessments are often complex and vary greatly, depending on industry and jurisdiction. Organisations often struggle to implement systems which adequately incorporate all the interconnected requirements of these two vital AML components.

VinciWorks’ AML client onboarding solution can be used to enhance both the risk assessment and document collection aspects of client onboarding. As specific risk factors differ, Omnitrack offers unique workflows built for several industries based on extensive research into industry best practice and regulator guidance.

How are you managing your GDPR compliance requirements?

GDPR added a significant compliance burden on DPOs and data processors. Data breaches must be reported to the authorities within 72 hours, each new data processing activity needs to be documented and Data Protection Impact Assessments (DPIA) must be carried out for processing that is likely to result in a high risk to individuals. Penalties for breaching GDPR can reach into the tens of millions of Euros.

GDPR added a significant compliance burden on DPOs and data processors. Data breaches must be reported to the authorities within 72 hours, each new data processing activity needs to be documented and Data Protection Impact Assessments (DPIA) must be carried out for processing that is likely to result in a high risk to individuals. Penalties for breaching GDPR can reach into the tens of millions of Euros.

“In a world older and more complete than ours they move finished and complete, gifted with extensions of the senses we have lost or never attained, living by voices we shall never hear.”

Picture of James

James

VinciWorks CEO, VInciWorks

Spending time looking for your parcel around the neighbourhood is a thing of the past. That’s a promise.

How are you managing your GDPR compliance requirements?

GDPR added a significant compliance burden on DPOs and data processors. Data breaches must be reported to the authorities within 72 hours, each new data processing activity needs to be documented and Data Protection Impact Assessments (DPIA) must be carried out for processing that is likely to result in a high risk to individuals. Penalties for breaching GDPR can reach into the tens of millions of Euros.

GDPR added a significant compliance burden on DPOs and data processors. Data breaches must be reported to the authorities within 72 hours, each new data processing activity needs to be documented and Data Protection Impact Assessments (DPIA) must be carried out for processing that is likely to result in a high risk to individuals. Penalties for breaching GDPR can reach into the tens of millions of Euros.

How are you managing your GDPR compliance requirements?

GDPR added a significant compliance burden on DPOs and data processors. Data breaches must be reported to the authorities within 72 hours, each new data processing activity needs to be documented and Data Protection Impact Assessments (DPIA) must be carried out for processing that is likely to result in a high risk to individuals. Penalties for breaching GDPR can reach into the tens of millions of Euros.

GDPR added a significant compliance burden on DPOs and data processors. Data breaches must be reported to the authorities within 72 hours, each new data processing activity needs to be documented and Data Protection Impact Assessments (DPIA) must be carried out for processing that is likely to result in a high risk to individuals. Penalties for breaching GDPR can reach into the tens of millions of Euros.