Obtaining a Defence Against Money Laundering - How to Draft an Effective 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. This is evidenced by 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 SAR process.

This new virtual classroom seminar will cover what the relevant offences are, 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.

The session 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.

In addition, this session will also cover ‘tipping off’ and specific exceptions to the duty to report suspicion.

This session is aimed at MLROs, MLCOs, compliance staff and others with direct responsibilities under the Money Laundering Regulations.

What You Will Learn

This live and interactive session will cover the following:

• The money laundering and terrorist financing offences
• 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
• The value of SAR intelligence

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.