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Virtual Seminar: Ramifications of HMT Review of Money Laundering Regulation Consultation (July 2021)

How do you keep the focus on supervision and legal compliance on the areas of highest AML/CTF risk without placing unnecessary strains on the business?

The AFB is delighted to partner with Bryan Cave Leighton Paisner LLP (BCLP)who will discuss with foreign bank members the HMT’s call for evidence and consultation on the UK’s anti-money laundering and counter-terrorist financing (AML/CTF) regime.

Why attend?

The seminar will be divided into 3 parts as follows:

A summary of the areas which HMT is considering including:

  •        the overall effectiveness of the regimes and the sectors in scope. In particular, the review is considering whether the regulations remain proportionate and whether sectors out of scope should be brought into scope. The review is also considering whether enforcement actions taken under money laundering regulations are effective;
  •        whether key elements of the regimes are operating as intended.  The review is considering the role of technology and the extent to which AML/CTF supervisors can play a greater role in the UK’s SARs regime;
  •        the structure of the supervisory regime.  The review is considering concerns regarding inconsistency of supervision and sectors or business areas which carry risk but are subject to lower standards of supervision.  

Consultation on proposed amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 including amendments to the scope of the regulated sector; changes to strengthen supervision and SAR reporting and information sharing. 

Lastly, BCLP will also discuss the increase in claims against financial institutions relating to alleged breaches of the Quincecare duty where customers experience frauds and assert that their financial institutions should have recognised the fraud.


What will participants implement Back@Bank after this session?

Participants will leave with practical and tangible insight into the HMT’s call for evidence and consultation on the UK’s AML/CTF regime, which will enable foreign banks to continue to be compliant Back@Bank. 

Who should attend?

This seminar is aimed at those working in Financial Crime, Compliance, Legal and Risk functions, as well as those in Regulatory Affairs.

Speakers

Andrew Tuson is a partner in BCLP’s Financial Services Disputes and Investigations team. Andrew acts for retail and investment banks, corporate clients and individuals in investigations, litigation and cross-border regulatory enforcement actions concerning fraud and financial crime. He specialises in cases of market abuse and market manipulation.

Sarah Klein is an experienced white collar crime lawyer, whose practice is focussed on all aspects of business crime investigation, defence, compliance and risk mitigation.  Her key areas of specialism include anti-money laundering, anti-bribery and corruption, financial sanctions, fraud and anti-facilitation of tax evasion.

Daniel Csefalvay is a regulatory lawyer who advises a broad range of financial services institutions including investment banks, market infrastructure providers, broker dealers, investment managers and commodities trading houses on financial regulation, covering both domestic and cross border aspects. He advises on issues such as market structures (covering trading venues and clearing and settlement systems), trade transparency, algorithmic and high-frequency trading, benchmarks regulation, market abuse, terms or business and regulatory reporting obligations. He also advises firms on AML related issues including the design and operations of AML systems and controls, risk assessments and governance.

Adam Jamieson is a partner in the firm’s Financial Services Disputes and Investigations team. He specialises in advising financial services firms (and members of senior management) on regulatory investigations and supervisory interventions. Adam previously spent over a year on secondment to the FCA’s Enforcement & Market Oversight Division. He has particular experience of investigations relating to AML and MLRO responsibilities.


Logistics

Please note the AFB has a new website and member portal, you will need to log in to our member portal to complete your event registration.  The log in details you used previously on our old website will no longer work.  Your username is your email address, use the ‘Recover your log in details’ button as this will allow you to set a password.  Alternatively,  If you cannot remember your password, you can reset this here or email imola.farkas@foreignbanks.org.uk 

 

This event will be recorded.

Format:                Virtual Seminar (Platform: ON24)

Cost:                    Inclusive

Date:                   Wednesday, 3 November 2021

Time:                   09:00 to 10:30

There will be ample opportunity for questions throughout the session, however, if you would like to submit a question before or have any specific questions or areas that you would like the virtual session to address, please send them to the AFB at secretariat@foreignbanks.org.uk as soon as practicable. You will receive details on how to join the virtual session a few days before the event.