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Tackling Money Laundering: Why We Care?

Learn why tackling money laundering is crucial, not just for compliance but for preventing crimes, protecting your firm, and maintaining professional integrity. Understand the risks, obligations, and our perspective on AML compliance.

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Tackling Money Laundering: Why We Care?

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Presentation Transcript

  1. Risk update: Tackling money laundering Colette Best,Policy Manager

  2. Money Laundering: Why do we care?

  3. Why do we care?

  4. It’s not about compliance It is about … • Stopping terrorism • Preventing drug trafficking, illegal arms dealing, child exploitation and other crimes from being profitable • Maintaining the integrity of the profession • Keeping your firm and staff safe

  5. Where’s the risk? • Product and services • Clients • Transactions • Delivery channel • Geographical

  6. Some things we have seen • Fraudulent property investment schemes • Funds and clients from high risk jurisdictions • Funds paid into client accounts from unknown third parties • No underlying legal service or purpose for transaction • False and misleading information recorded in client files • Facilitating fraud • Tax evasion  

  7. What are your obligations? • Know your risk • Have a plan • Train your staff • Identify customers, their source of funds and wealth • Monitor business relationships • Report suspicious activity • Keep records

  8. Our perspective on AML compliance Are we nearly there yet?

  9. How are firms getting on? • Intelligence from: • Thematic reviews • Surveys • Enforcement action • External agencies • Concerns • Levels of compliance with regulations • Submitting suspicious activity reports (SARs) • Risk assessment

  10. Example: Firm’s risk assessment What isn’t enough What we are looking for • Not written down • Not kept up-to-date • Doesn’t consider the national and the SRA’s risk assessment • Takes a considered and thoughtful approach to identifying and identifying risk • Reflects who your client is • Understands the risks from services • Considers your firm’s transactions and delivery channels • Considers geographical risk

  11. SRA focus for 2019 • Remains a high priority • Focus on firms’ risk assessments and suspicious activity reports • Warning notice coming soon • AML thematic reviews • Investigating AML-related cases

  12. What’s next? • Implementation of the 5th Money Laundering Directive • Possible changes from the Financial Action Taskforce Review • An increased government focus on sanctions and preventing economic crime • A new suspicious activity reporting regime

  13. Help is available Risk Outlook, national risk assessment, sectoral risk assessment Warning notices Thematic review findings Legal sector guidance Professional ethics helpline and webchat

  14. More information www.sra.org.uk/antimoneylaundering

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