Seminar: How ‘bullet-proof’ is your Source of Wealth Due Diligence?

GACO and C6 wish to welcome you to a Breakfast Seminar on the importance of having adequate Source of Wealth Due Diligence and to fully understand Ultimate Beneficial Ownership of clients and third parties in order to keep your organisation clear of sanction violations.

Nick Parfitt, Head of Market Planning C6 will discuss how you can avoid being exposed to sanction violations by properly assessing Ultimate Beneficial Ownership of clients and third parties; how fully unwrapping corporate structures will help your company expose compliance risks buried within the ownership structure of a company; and will demonstrate how a proper Source of Wealth Assessment goes beyond simply identifying the assets owned.

Recent international sanctions against Russian Oligarchs and their associated companies clearly provide evidence the importance of Source of Wealth Due Diligence that goes beyond simply identifying the assets owned. When organisations have on-boarded commercial clients or corporate third parties without fully understanding the Ultimate Beneficial Owners (UBOs) of these entities, they may be exposing themselves to sanctions violations. Fully unwrapping corporate structures and identifying the UBOs will help organisations expose compliance risks buried within the ownership structure of a company. A similar challenge presents itself in financial services for licensees attempting to conduct Source of Wealth due diligence. Assessments of an individual’s Source of Wealth are also relevant to companies in gaming, DLT/Blockchain providers, investment migration, or any industry where deposits are taken from wealthier, and potentially, higher risk customers.

  • Topic: How ‘bullet-proof’ is your Source of Wealth Due Diligence?
  • Date & Time: 10th October 2018 @ 08.30hrs – 11.00hrs (08.30hrs Registration; 09.00hrs Start of presentation)
  • Speaker: Nick Parfitt, Head of Market Planning C6 (see speaker profile next page)
  • Fees: GACO Members: GBP 35.00; Non GACO Members: GBP 40.00
  • Venue: Sunborn Yacht Hotel, Gibraltar

Speaker Profile

Nick Parfitt

HEAD OF MARKET PLANNING

Nick is responsible for determining C6’s approach to the market and building subject-matter expertise. He has 18 years’ experience in project and program management, business process change and in implementing technology and business solutions at financial services, telecoms and public sector organisations. His experience in the financial crime sector spans seven years helping tier 1 financial Institutions assess and improve AML, KYC & sanctions operations. Nick has worked for several tier 1 banks in the UK and holds an MBA (Distinction) from Cardiff University, and a BA (Hons) in Biochemistry from Imperial College.

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Member Benefits

✔ Latest compliance laws and regulations updates
✔ Certification and training
✔ 10% Discount on course and training costs
✔ 10% Discount for events and conferences
✔ Business Networking in Gibraltar
✔ Access to member forums

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Contact Information

info@gaco.gi

Gibraltar Association of Compliance Officers,

PO Box 1493, Gibraltar