Staying ahead of the ever-evolving Anti-Money Laundering (AML) landscape is crucial for Money Laundering Compliance Officers (MLCOs). In 2024, two key consultations have brought significant attention to potential changes in the AML regulations, signalling that amending Regulations could be on the horizon before the year’s end. These consultations are aimed at tightening existing frameworks, addressing emerging threats, and ensuring that AML practices keep pace with sophisticated laundering techniques. This underscores the importance for firms to remain vigilant and well-informed about the latest developments to safeguard their organisations effectively.

In addition to the regulatory changes, authorities have intensified their oversight activities. Regulators are conducting thorough inspections of firms to assess their compliance with current AML requirements. The emphasis on enforcement has led to record fines for non-compliant firms, reflecting the serious consequences of failing to adhere to AML standards. For firms, this means that compliance programs are not just a regulatory expectation but a critical component of operational integrity. Firms must invest in continuous training, rigorous internal audits, and comprehensive record-keeping to mitigate the risk of regulatory breaches and protect against potential penalties.

In this session, we will look at

  • The new Failure to prevent Fraud offence, due to be in force within the next 12 months
  • What is expected in relation to Sanctions Compliance
  • The new requirements around Proliferation Financing
  • The SRA new fining powers in relation to Economic Crime and practical tips on how to avoid them.

When: Jul 17, 2024 | 10:00 AM BST
Presented by: Amy Bell – Teal Compliance

Register HERE.