AML - the essentials: January 2016
The second issue of 'Anti-money laundering - the essentials' covers: webinars on the Fourth EU Anti-Money Laundering Directive and the cost of getting AML wrong, as well as news on the UK National Risk Assessment (NRA) of Money Laundering and Terrorist Financing and the AML / CTF registration process with FSA.
In this issue:
Page last updated
3 January 2016
In this webinar David Stevens, ICAEW Integrity and Law Manager discusses the EU's Fourth AML Directive. The Directive introduces new requirements around client due diligence and PEPs, as well as central registers of beneficial ownership. Transposition of the Directive into UK law will soon be underway and the UK is required to enact the requirements by June 2017.
The UK National Risk Assessment (NRA) covers the domestic risks of money laundering and terrorist financing within the regulated sector, including financial institutions and other regulated professionals. We support this initiative but have a number of concerns with the final report.
In this webinar Ray Farren, ICAEW Technical Advisor, discusses the risk to firms and businesses of failing to apply money laundering regulations. Ray covers guidance, case studies and risk factors.
The Isle of Man Financial Services Authority (FSA) has agreed to delegate AML / CTF oversight powers to ICAEW under the Designated Businesses (Registration & Oversight) Act 2015. We will combine additional FSA requirements with our Practice Assurance visits – so, in most cases, me! mber firms can expect to receive a single monitoring visit in each cycle.
On the FSA website you can find more details, including information on fees, and register whether you would like to be overseen by ICAEW of the FSA.
The Accountancy Affinity Group is working in partnership with the Home Office and National Crime Agency (NCA) to tackle the serious threat of money laundering to our industry.