The buying and selling of property in the UK is identified by law enforcement agencies as a favoured method of money laundering. Transparency International has identified the financial crime risks associated with property investment in their March 2015 report: Corruption on your doorstep: How corrupt capital is used to buy property in the UK.
Very informative and clear. Gave good idea of what is required of us as professionals in identifying and handling money laundering cases
During the next eighteen months the rules governing anti-money laundering will be updated. Property professionals need to be aware of the issues, the requirements and where necessary undertake a risk assessment of their work. Policies and procedures may need updating and you’ll be required to ensure that your approach to financial crime prevention meets the legal requirements.
During this class, you will identify the upcoming changes to AML practice and how this will impact you in your role. Gain an understanding of the requirements set against you, how you can best prepare and how to avoid risks posed to your firm.
- The current situation; Legislation, risks, current supervisory requirements through HMRC and what other sectors are doing
- Two years of change - What’s going to happen?
- Quick tips on preparation; risk assessments, putting policies in place and demonstrating how you’re monitoring policies and success
- Recognise the background context of the wider financial crime perspective surrounding AML
- Define the current regulatory requirements for AML
- Explain how the requirements are likely to change by July 2017
- List the key players in the anti-money laundering arena
- Put in place steps to prepare for the changes to policies and procedures
- Identify AML knowledge gaps and training requirements
- The course will be a combination of structured learning points and interactive questions, using a PowerPoint presentation.
Why attend this course?
- To identify and reduce the risk of situations arising where money is laundered through your property management firm.
Who should attend?
For any professional working in the property management or lettings sector who may be handling and transferring money on behalf of a client.