How to Draft an Effective Defence Against Money Laundering (DAML) SAR

Introduction

There is an ever-increasing government and regulatory focus on Anti-Money Laundering, Counter-Terrorist Financing (AML/CTF) and broader economic crime threats, with a growing body of legislation governing corporate obligations and regular high-profile fines issued, most recently £29 million for AML and Sanctions screening failure by the FCA against Starling Bank.

Central to regulatory AML/CTF compliance is the overarching legal obligation to identify suspicious activity and report it to law enforcement authorities via the suspicious activity report (SAR) process.

During this seminar, expert speaker Laurence Howland will discuss the development of money laundering legislation in the UK, how money laundering is defined in law, what the relevant offences are and how the professional services sector is regulated.

The course will explore when and how to prepare a defence against money laundering (DAML) SAR, what information to include in a SAR and the consequences of failing to report suspicion.

Aimed at MLROs, MLCOs, compliance staff and others with direct responsibilities under the Money Laundering Regulations, this seminar will include tips on what constitutes suspicion, how to maximise the chances of a SAR being accepted at the first submission, and what you should say to your clients and staff while you are waiting for a response.

Consideration will also be given to ‘tipping off’ and specific exceptions to the duty to report suspicion.

Finally, this seminar will look at recent criminal and regulatory prosecution cases and how to apply the lessons learned from these in your own work area, including practical examples.

What You Will Learn

This course will cover the following:

• The development of money laundering legislation
• The money laundering and terrorist financing offences
• The Money Laundering Regulations and offences within and outside the regulated sector
• The requirement to report suspicion and the failure to report offence
• DAML SARs and Information SARs
• What is suspicion?
• The mandatory contents of a DAML SAR
• The NCA SAR Portal
• Timescales and the moratorium period
• Tipping off and accidental disclosure
• Suspicious transactions and suspicious activity
• Confidentiality and privilege in the legal profession
• Recent prosecution cases
• Practical examples
• The value of SAR intelligence

Quick Quiz - Test Your Knowledge: Money Laundering