Sources of Funds from China - CDD & AML Reporting Obligations Explored

Introduction

In 2021, Chinese investment into the United Kingdom is estimated at £135 billion. Although China is not on the UK’s list of high-risk countries for money laundering and terrorist financing, in practice caution is frequently exercised when transactions involve funds from China.

The UK’s last published National Risk Assessment draws attention to the money laundering risk that can arise when an informal banking system is used to move money out of China with the effect being that strict currency controls in place in China are sidestepped.

For those in regulated practice, from lawyers to estate agents, this can raise a money laundering concern and trigger the reporting obligation. Co-presented by Anita Clifford and Jo Morris, this webinar focuses on how Chinese funds can raise specific anti-money laundering and customer due diligence issues which are essential to understand.

What You Will Learn

This webinar will cover the following:

• The different ways a money laundering concern can arise when a transaction involves money from China
• The approach to customer due diligence, including best practice for source of funds checks
• The reporting obligation and how it can be triggered when a funds concern arises

This webinar was recorded on 2nd February 2022

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