HomeWebcastAddressing and Managing Anti-Money Laundering (AML) Risks in the 2017 Landscape
Online CLE Anti-Money Laundering CLE

Addressing and Managing Anti-Money Laundering (AML) Risks in the 2017 Landscape

Live Webcast Date: Friday, February 10, 2017 from 4:00 pm to 5:00 pm (ET)
White Collar Crime (CLE)Recording

Online CLE Anti-Money Laundering

Join us for this Knowledge Group Online CLE Anti-Money Laundering Webinar. In recent years, compliance with Anti-Money Laundering (AML) regulations has become more complex and demanding for a wider range of industries. In an environment fed with global threat of terrorism, money laundering and terrorist financing have become one of the priority concerns of governments around the world. Regulators have also increased pressures and fines levied on businesses in connection with AML violations. It is imperative for a business to recognize the importance of proactively refining its compliance programs and securing an adaptive risk-based AML approach.

Given the complexity of the changing landscape of AML, key thought leaders and well-versed AML professionals and practitioners assembled by The Knowledge Group will provide an in-depth discussion of the recent issues involving AML. Speakers will also offer audience with well-crafted guidelines for anti-money laundering risk assessment and the practical tips and key steps for developing, monitoring, and improving AML compliance program.

Against the backdrop of the EU's 4th AML Directive, some of the major topics that will be covered by Cormac Little are:

  • Risk-based approach to supervision
  • Assessment of external threats - Greater role of risk analytics, reduction of onsite inspections?
  • High-risk third countries
  • Rules on beneficial ownership
  • Client due diligence
  • Politically Exposed Persons
  • Establishment of Financial Intelligence Units
  • Virtual currencies
  • The role of FATF – Mutual Evaluation Reports
  • 'Phishing' and AML
  • Recent Irish and UK cases

In the context of the emergence of new technologies, financial products and payment systems, the topics that will be covered by Peter Reeves are:

  • The emergence of “FinTech”, and the regulatory challenges this presents.
  • Challenges to effective AML/CTF regulation in a global and post-global environment.
  • The recent statutory review of Australia’s AML/CTF framework, which picks up some of the key AML/CTF risks in the 2017 landscape. 

Agenda

SEGMENT 1:
Cormac Little, Partner
William Fry
And
SEGMENT 2:
Peter Reeves, Special Counsel
Gilbert + Tobin
  • Introduction to the Australian and EU/Irish AML/CTF regimes
  • Overview of the 2017 landscape and the associated risks to effective AML/CTF laws and regulations.
    • Australia – emergence of FinTech/cryptocurrencies/blockchain and questions around regulation, including from an AML/CTF perspective; and proposals to regulate lawyers, conveyancers, accountants, high-value dealers, real estate agents and trust and company service providers.
    • EU/Ireland – Enhance due diligence for high-risk countries, tackle the risks posed by virtual currencies and pre-paid instruments, improve access to, and sharing of, information including details of beneficial owners
    • Global – information sharing/collaboration between regulators.
  • Discussion re what is in the pipeline for 2017.
    • Australia – ongoing consultation around proposals to develop Australia’s AML/CTF framework, and implementation of recommendations arising out of the 2016 statutory review of Australia’s AML/CTF framework against FATF principles/international standards. Proposals cover the following areas:
      • expanding the objects of the AML/CTF Act
      • developing principles to guide the administration of the AML/CTF Act
      • expanding the powers and functions of the AUSTRAC CEO across a number of areas
      • expanding the infringement notice provisions to include a wider range of minor regulatory and compliance offences
      • extending the class of agencies that have the power to issue infringement notices and apply for civil penalties
      • introducing customer due diligence reforms, including changes to the reliance provisions
      • deregulating the cash-in-transit sector
      • deregulating insurance intermediaries and general insurance providers (except motor vehicle dealers),
      • revising the framework for designated business groups
      • addressing a number of definitional issues
      • clarifying the correspondent banking obligations, and
      • overhauling the AML/CTF Act’s secrecy and access arrangements for AUSTRAC information.
    • EU – Implementation of the EU’s 4th AML Directive, new 5th AML Directive?
      • Risk-based approach to supervision
      • Assessment of external threats - Greater role of risk analytics, reduction of onsite inspections?
      • High-risk third countries
      • Rules on beneficial ownership
      • Client due diligence
      • Politically Exposed Persons
      • Establishment of Financial Intelligence Units
      • Virtual currencies
      • The role of FATF – Mutual Evaluation Reports
      • 'Phishing' and AML
      • Recent Irish and UK cases

Who Should Attend

  • AML Compliance Officers
  • AML Professionals
  • AML Lawyers
  • Antifraud Professionals
  • Financial Reporting Officers
  • Money Laundering Reporting Officers
  • Finance Executives
  • Auditors
  • BSA Professionals
  • Banking and Financial institutions

Online CLE Anti-Money Laundering

SEGMENT 1:
Cormac Little, Partner
William Fry
And
SEGMENT 2:
Peter Reeves, Special Counsel
Gilbert + Tobin
  • Introduction to the Australian and EU/Irish AML/CTF regimes
  • Overview of the 2017 landscape and the associated risks to effective AML/CTF laws and regulations.
    • Australia – emergence of FinTech/cryptocurrencies/blockchain and questions around regulation, including from an AML/CTF perspective; and proposals to regulate lawyers, conveyancers, accountants, high-value dealers, real estate agents and trust and company service providers.
    • EU/Ireland – Enhance due diligence for high-risk countries, tackle the risks posed by virtual currencies and pre-paid instruments, improve access to, and sharing of, information including details of beneficial owners
    • Global – information sharing/collaboration between regulators.
  • Discussion re what is in the pipeline for 2017.
    • Australia – ongoing consultation around proposals to develop Australia’s AML/CTF framework, and implementation of recommendations arising out of the 2016 statutory review of Australia’s AML/CTF framework against FATF principles/international standards. Proposals cover the following areas:
      • expanding the objects of the AML/CTF Act
      • developing principles to guide the administration of the AML/CTF Act
      • expanding the powers and functions of the AUSTRAC CEO across a number of areas
      • expanding the infringement notice provisions to include a wider range of minor regulatory and compliance offences
      • extending the class of agencies that have the power to issue infringement notices and apply for civil penalties
      • introducing customer due diligence reforms, including changes to the reliance provisions
      • deregulating the cash-in-transit sector
      • deregulating insurance intermediaries and general insurance providers (except motor vehicle dealers),
      • revising the framework for designated business groups
      • addressing a number of definitional issues
      • clarifying the correspondent banking obligations, and
      • overhauling the AML/CTF Act’s secrecy and access arrangements for AUSTRAC information.
    • EU – Implementation of the EU’s 4th AML Directive, new 5th AML Directive?
      • Risk-based approach to supervision
      • Assessment of external threats - Greater role of risk analytics, reduction of onsite inspections?
      • High-risk third countries
      • Rules on beneficial ownership
      • Client due diligence
      • Politically Exposed Persons
      • Establishment of Financial Intelligence Units
      • Virtual currencies
      • The role of FATF – Mutual Evaluation Reports
      • 'Phishing' and AML
      • Recent Irish and UK cases

Online CLE Anti-Money Laundering

Online CLE Anti-Money Laundering

Cormac LittlePartnerWilliam Fry

Cormac Little is a Partner and the Money Laundering Reporting Officer in the Irish law firm, William Fry. He is also a Member of the Law Society of Ireland’s FATF and AML Task Force.

As head of the Competition & Regulation Department, Cormac has a broad regulatory focus, but he is a specialist in advising clients on complying with anti-money laundering rules and on 'white-collar' crime issues.

Cormac also advises on the compatibility of business arrangements with EU and Irish competition laws and has represented clients in European and Irish antitrust investigations and in proceedings before the European and Irish courts. In 2016, Cormac was awarded ‘Irish Competition & Antitrust Lawyer of the Year’ by Client Choice Awards.

Online CLE Anti-Money Laundering

Peter ReevesSpecial CounselGilbert + Tobin

Peter Reeves is a special counsel in Gilbert + Tobin's Corporate Advisory group. He specialises in Australian financial services laws, funds management and anti-money laundering regulation advising Australian and off-shore corporates, financial institutions, funds, managers and market participants on establishing, structuring and operating financial services and consumer credit businesses in Australia.

Peter provides clients with the full suite of financial services regulatory advice.  He is also one of a handful of practitioners who covers the regulatory financial services space in the establishment, product development, offering and M&A contexts.  He provides a practical approach when working with clients on corporate transactions that involve complex financial services matters.  This is a unique and highly valued service by Peter’s clients.

Peter also leads the FinTech practice at G+T and is a key member of the G+T blockchain/private shared ledger team.  Peter recently received a Highly Commended award at the Financial Times Innovative Lawyers Law Awards for the establishment of an online investment platform, “BrickX” and was a Finalist, Special Counsel of the Year, 2016 Lawyers Weekly Australian Law Awards.


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Online CLE Anti-Money Laundering

Course Level:
   Intermediate

Advance Preparation:
   Print and review course materials

Method Of Presentation:
   On-demand Webcast

Prerequisite:
   Experience in banking or finance

Course Code:
   145887

NASBA Field of Study:
   Management Services - Technical

NY Category of CLE Credit:
   Skills

Total Credit:
    1.0 CLE

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About the Knowledge Group

The Knowledge Group

The Knowledge Group has been a leading global provider of Continuing Education (CLE, CPE) for over 13 Years. We produce over 450 LIVE webcasts annually and have a catalog of over 4,000 on-demand courses.

About the Knowledge Group

The Knowledge Group

The Knowledge Group has been a leading global provider of Continuing Education (CLE, CPE) for over 13 Years. We produce over 450 LIVE webcasts annually and have a catalog of over 4,000 on-demand courses.

William Fry is a leading law firm based in Dublin, with offices in London, New York, San Francisco and Silicon Valley. As one of Ireland's largest law firms, the firm has over 320 legal and tax professionals and over 450 staff.

William Fry offers unrivalled legal and tax expertise across the full breadth of the business sector. The firm advises leading Irish and international corporations, financial institutions and government organisations, and regularly acts on complex, multi-jurisdictional transactions and commercial disputes.

Year on year, William Fry is ranked by international directories, clients and market commentators alike as being one of Ireland's top commercial law firms and a leader in its main areas of work, including Corporate & M&A, Banking & Finance, Litigation & Dispute Resolution, Asset Management & Investment Funds, Real Estate, Insurance, Tax, Projects & Construction, Employment & Benefits and Technology.

Website: https://www.williamfry.com/

Gilbert + Tobin is an independent Australian corporate law firm. We serve corporates and governments throughout Australia and from around the world on a broad range of complex legal issues. We apply our legal expertise and judgment to help our clients deliver outstanding commercial performance and to achieve their most important goals. Founded in 1988, we have built a firm with the breadth and depth to meet this task. Gilbert + Tobin’s lawyers bring a proactive, forward-thinking, commercial approach, and a relentless drive to deliver superior results.

Website: https://www.gtlaw.com.au/

Cormac Little is a Partner and the Money Laundering Reporting Officer in the Irish law firm, William Fry. He is also a Member of the Law Society of Ireland’s FATF and AML Task Force.

As head of the Competition & Regulation Department, Cormac has a broad regulatory focus, but he is a specialist in advising clients on complying with anti-money laundering rules and on 'white-collar' crime issues.

Cormac also advises on the compatibility of business arrangements with EU and Irish competition laws and has represented clients in European and Irish antitrust investigations and in proceedings before the European and Irish courts. In 2016, Cormac was awarded ‘Irish Competition & Antitrust Lawyer of the Year’ by Client Choice Awards.

Peter Reeves is a special counsel in Gilbert + Tobin's Corporate Advisory group. He specialises in Australian financial services laws, funds management and anti-money laundering regulation advising Australian and off-shore corporates, financial institutions, funds, managers and market participants on establishing, structuring and operating financial services and consumer credit businesses in Australia.

Peter provides clients with the full suite of financial services regulatory advice.  He is also one of a handful of practitioners who covers the regulatory financial services space in the establishment, product development, offering and M&A contexts.  He provides a practical approach when working with clients on corporate transactions that involve complex financial services matters.  This is a unique and highly valued service by Peter’s clients.

Peter also leads the FinTech practice at G+T and is a key member of the G+T blockchain/private shared ledger team.  Peter recently received a Highly Commended award at the Financial Times Innovative Lawyers Law Awards for the establishment of an online investment platform, “BrickX” and was a Finalist, Special Counsel of the Year, 2016 Lawyers Weekly Australian Law Awards.

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