AML and terrorist financing training materials—post-training assessment answers—law firms
AML and terrorist financing training materials—post-training assessment answers—law firms

The following Practice Compliance guidance note provides comprehensive and up to date legal information covering:

  • AML and terrorist financing training materials—post-training assessment answers—law firms
  • The law and red flags
  • Reporting suspicions
  • Client due diligence
  • Receiving funds

STOP PRESS:The Fifth Money Laundering Directive (5MLD) came into force on 9 July 2018 and EU Member States have until 10 January 2020 to give effect in national law to its provisions. On Friday 20 December 2019, the Money Laundering and Terrorist Financing (Amendment) Regulations 2019, SI 2019/1511 (Amendment Regulations) were laid before Parliament. The Amendment Regulations amend the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692 to give effect to 5MLD. The majority of the provisions in the Amendment Regulations come into force on 10 January 2020. The Amendment Regulations include changes to a number of key areas, including client due diligence requirements, approval of beneficial owners, officers and managers (BOOMs) and requirements for policies, controls and procedures. Further detail is to be provided via sector-specific guidance. This document is being reviewed in the light of the changes. In the meantime, for information on 5MLD, see Practice Note: Fifth Money Laundering Directive—what’s changed? or for law firms: Fifth Money Laundering Directive—what’s changed—law firms.

The law and red flags

Circle the correct answer.

Question Multiple choice answers
1. What is money laundering?