
Anti-Money Laundering Guidance for Trust and Company Service Providers
Explore the essential guidance and regulations surrounding anti-money laundering for trust and company service providers, along with key risks, red flags, and common differences in the legal sector. Stay informed to identify and mitigate potential risks effectively.
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Presentation Transcript
Anti-money laundering - guidance for trust and company service providers Mark Boyle, AML Policy Manager
Legislation 2017 Money Laundering Regulations (updated in 2019)
SRA approval Tests Regulation 26 Regulation 58 What, why and how do you tell us? The role of HMRC
TCSPs in legal sector Common Differences Scale Ancillary (can be difficult to spot/foresee) Similarities Risks are broadly the same on an isolated basis Opacity
Key risk Not correctly identifying TCSP work
Risks Range of services Multiple addresses for virtual offices Limited ability to monitor Inherent opacity
Red flags Pre-existing entity for a transaction Jurisdiction Multiple countries unconnected with the client Entity type provides greater secrecy Disguise the actual controlling party Bearer shares Loans involving entities in the client s control are paid back before term