AML Check-Up: Is Your Firm in Good Health?

Description:

In the constantly shifting landscape of Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) regulations, businesses must continually update their operations, systems, and procedures. This is to ensure that organisations are fully compliant with all relevant laws and regulations and avoid severe penalties, including fines, legal action, and reputational damage.

An AML healthcheck is a comprehensive review of a business’s adherence to AML regulations and standards. It involves an evaluation of the company’s policies, procedures, systems, and controls to ensure they are effectively identifying, assessing, monitoring, and mitigating money laundering risks.

The new Anti-Money Laundering (AML) package, published on 19 June 2024 in the Official Journal of the European Union, marks a significant advancement in unifying and strengthening AML regulations throughout the EU. This initiative follows the adoption of the AML ‘single rulebook’ regulation, the 6th AML Directive, and the AML Authority Regulation by the Council on 30 May 2024, along with proposed amendments. The primary goals of this AML package are to harmonise AML rules across the EU, enforce stricter measures against money laundering and terrorist financing, and enhance the protection of the financial system.

·      IIn this session we will dive into the topic by:

• Unpacking the latest updates in AML regulations
• Discussing the benefits of an AML Health Check
• Outlining the key components of an AML Health Check