Cornwalls’ Post

The Law Council of Australia put together useful AML/CTF guidance for lawyers. I found particularly interesting ‘Guidance Note No. 9 – How Do I Ascertain Source of Funds?’ Here are my takeaways from the guidance. 🌟The purpose of determining the source of the client’s funds is to help you be satisfied that the instructions related to a transaction/activity are lawful. 🌟Circumstances in which you may determine that you should seek an explanation, and potentially proof, of the source of funds, include where you have detected any red flags in connection with the matter or the client, or where the matter or client are high risks. Some examples of potentially higher-risk situations are: 📍companies, trusts, partnerships and similar types of legal persons or arrangements that are personal asset-holding vehicles; 📍companies with nominee shareholders; 📍companies with an ownership structure that appears unusual or excessively complex; and 📍clients or transactions associated with high-risk countries (i.e., countries identified by the Financial Action Task Force as having none or insufficient AML/CTF measures; countries subject to UN sanctions and embargoes; countries having significant levels of corruption or other criminal activity; and countries from which funds or support are provided to terrorist organisations). 🌟The source of funds for a proposed transaction may be linked with the way the client’s wealth has been generated (that is, their source of wealth). 🌟Most clients can inform you easily and quickly about how they made their wealth. This may be verified by making contact with the client’s accountant or reviewing income taxation returns. If the client withholds consent to review this information, it may be prudent to reassess the business relationship with the client. In addition, you can also conduct internet searches on the client’s wealth. 🌟Understanding the source of the client’s funds does not equate to simply knowing the client’s account number and payee details. Instead, it entails understanding how the funds have been generated. 📲Get in touch if you want to talk about your AML/CTF requirements. 🔗Link to the guidance: https://lnkd.in/gVGFuuFV

Money laundering laws in the EU have been significantly tightened with the approval of a new comprehensive AML regulation by the European Parliament and EU Council, requiring accountants to strictly adhere to uniform standards across all member states. Read the full ACCA article from here: #MoneyLaunderingLaws #AccountingCompliance #LangbrookFinance https://buff.ly/4bOBRV2

We have been delivering education for the AML courses online under the requirements for “tranche one” entities – financial institutions. Within those professions, numerous organisations of varying sizes have adapted quickly to the AML requirements. We have the Main AML online, which covers all required areas, and then there is an annual, more minor update AML course online, which introduces all the changes during the financial year. Naturally, the main AML course will be adapted as soon as rules or regulations change. I hear stories about how it will be tough for businesses to remain controlled and monitored; each team member/contractor can produce evidence via online reports and or certificates that are made. Our profession in the finance/advising industry is confronted daily with potential AML issues; however, once it's been in operation, things settle down. We are also writing courses and delivering AML courses for offshore locations. Once you have the regulation requirements, we can assist you and your teams with the course production and delivery. Ensuring the regulation requirements are not already covered elsewhere is also vital to provide a sustainable, simplistic model to meet the AML requirements you must comply with. https://lnkd.in/gCYG2bJJ #aamctraining #educationwithoutborders #fns40821 #fns50322 #bsb50120 #TPB503TA #TPB504TA #505TA #TPB517FA #TPB601TA

The investment in AML/CTF reforms is a necessary step to prevent Australia from being grey-listed by FATF and to combat illicit financial activities. However, it raises questions about the effectiveness of previous government actions and the potential impact on businesses and the economy. Is $166.4 million enough to address the deficiencies in the AML/CTF regime? Are there other measures that could be taken to strengthen anti-money laundering efforts? #aml #ctf #australia #greylist

🌟 Navigating the New AML Landscape: Technical Solutions for Accountancy Practices 🌟 Staying ahead of regulatory changes is crucial for accountants. Our latest blog post dives into the new Anti-Money Laundering (AML) regulations for 2024 and offers practical, technical solutions tailored for accountancy practices. 🔍 Key Highlights: ·      Overview of the latest AML regulations and their impact. ·      Innovative technical solutions to ensure compliance. ·      Best practices for accountancy firms to navigate these changes effectively. Equip your practice with the knowledge and tools to stay compliant and ahead of the curve. 👉 Read the full blog post here: https://lnkd.in/e9itahT7 #AML #Compliance #Accountancy #FinancialRegulations

As more stringent protocols must be established within your practice to keep up with AML regulations, we look at the cost of failure when these measures aren't enforced. Read our latest blog for AccountingWEB.co.uk, for examples of what happens when compliance goes wrong: https://lnkd.in/db5DQ94Y #WoltersKluwer #AML #WKUK #AntiMoneyLaundering #Compliance #Accounting

A query comes up from time to time about AML Compliance for accountants working as sub-contractors for other accountants. Are they required to register for AML supervision with HMRC as Accountancy Service Providers? So I have written a short blog article on the topic. #amlcompliance #accountancypractice https://lnkd.in/erdi7B_N

We have been delivering education for the AML courses online under the requirements for “tranche one” entities – financial institutions. Within those professions, numerous organisations of varying sizes have adapted quickly to the AML requirements. We have the Main AML online, which covers all required areas, and then there is an annual, more minor update AML course online, which introduces all the changes during the financial year. Naturally, the main AML course will be adapted as soon as rules or regulations change. I hear stories about how it will be tough for businesses to remain controlled and monitored; each team member/contractor can produce evidence via online reports and or certificates that are made. Our profession in the finance/advising industry is confronted daily with potential AML issues; however, once it's been in operation, things settle down. We are also writing courses and delivering AML courses for offshore locations. Once you have the regulation requirements, we can assist you and your teams with the course production and delivery. Ensuring the regulation requirements are not already covered elsewhere is also vital to provide a sustainable, simplistic model to meet the AML requirements you must comply with. https://lnkd.in/grUe4YCt #aamctraining #educationwithoutborders #fns40821 #fns50322 #bsb50120 #TPB503TA #TPB504TA #505TA #TPB517FA #TPB601TA

We have been delivering education for the AML courses online under the requirements for “tranche one” entities – financial institutions. Within those professions, numerous organisations of varying sizes have adapted quickly to the AML requirements. We have the Main AML online, which covers all required areas, and then there is an annual, more minor update AML course online, which introduces all the changes during the financial year. Naturally, the main AML course will be adapted as soon as rules or regulations change. I hear stories about how it will be tough for businesses to remain controlled and monitored; each team member/contractor can produce evidence via online reports and or certificates that are made. Our profession in the finance/advising industry is confronted daily with potential AML issues; however, once it's been in operation, things settle down. We are also writing courses and delivering AML courses for offshore locations. Once you have the regulation requirements, we can assist you and your teams with the course production and delivery. Ensuring the regulation requirements are not already covered elsewhere is also vital to provide a sustainable, simplistic model to meet the AML requirements you must comply with. https://lnkd.in/gCYG2bJJ #aamctraining #educationwithoutborders #fns40821 #fns50322 #bsb50120 #TPB503TA #TPB504TA #505TA #TPB517FA #TPB601TA

We have been delivering education for the AML courses online under the requirements for “tranche one” entities – financial institutions. Within those professions, numerous organisations of varying sizes have adapted quickly to the AML requirements. We have the Main AML online, which covers all required areas, and then there is an annual, more minor update AML course online, which introduces all the changes during the financial year. Naturally, the main AML course will be adapted as soon as rules or regulations change. I hear stories about how it will be tough for businesses to remain controlled and monitored; each team member/contractor can produce evidence via online reports and or certificates that are made. Our profession in the finance/advising industry is confronted daily with potential AML issues; however, once it's been in operation, things settle down. We are also writing courses and delivering AML courses for offshore locations. Once you have the regulation requirements, we can assist you and your teams with the course production and delivery. Ensuring the regulation requirements are not already covered elsewhere is also vital to provide a sustainable, simplistic model to meet the AML requirements you must comply with. https://lnkd.in/gCYG2bJJ #aamctraining #educationwithoutborders #fns40821 #fns50322 #bsb50120 #TPB503TA #TPB504TA #505TA #TPB517FA #TPB601TA