AML - Ukraine, Sanctions & Acting for Russian Clients

Introduction

As the Russian siege of Ukraine continues, the US, the EU and the UK have collectively imposed a range of sanctions on Russian-linked entities and personnel.

The UK has revised its sanctions lists, accelerated the introduction of the Economic Crime Bill and announced the establishment of a kleptocracy unit within the NCA and the upgrading of Companies House. The Solicitors Regulation Authority has also announced that it will be commencing a process of spot checks on law firms to assess compliance with the financial sanctions regime.

Delivered by Trevor Hellawell, this short webinar will discuss the implications for the UK’s AML procedures and other measures which are intended to clamp down on the ‘Londongrad laundromat’ which has sheltered illicit cash for years.

What You Will Learn

This webinar will cover the following:

• New UK sanctions
• Economic Crime Bill - revelations of the ID of the ultimate beneficial owners
• Registers and penalties
• Kleptocracy unit within the NCA
• Effect on AML procedures
• Implications for day-to-day transactions
• Can we act for Russian clients any longer?

This webinar was recorded on 7th March 2022

Quick Quiz - Test Your Knowledge: Money Laundering