The regulations, which affect dealers and auction houses, came into force last year, with the law now expecting them to be able to identify suspicious activity to the level of a ‘reasonable person’ and make the appropriate report to law enforcement. Failure to do so constitutes a criminal offence.
The regulations impose further criminal offences for failure to:
• know your client
• adopt a risk-based approach;
• apply enhanced customer due diligence for those cases that pose a higher risk
• have internal systems for reporting, regular training and record keeping; and
• register for compliance monitoring.
The seminars offer practical anti-money laundering advice, and each will feature a presentation from the Serious Organised Crime Agency (SOCA).
They will focus on how the professional may be targeted by money launderers, the offences you will unwittingly commit and what penalties may apply, how the regulations are the professionals’ ‘best friend’ and what staff must do when they become suspicious about a transaction.
The seminars start in Glasgow on March 26 and Edinburgh on March 27, before moving on to Cardiff (April 9), Bournemouth (April 23), Reading (April 24), Luton (May 7), central London (May 8), Bury (May 14), Sheffield (May 15), Newcastle (May 27), Peterborough (June 11), Birmingham (June 12) and Liverpool (June 25).
More details on www.iab.org.uk
