Protecting your Business from Money Laundering and Terrorist Financing Risks - Anti-Money Laundering requirements for Designated Non-Financial Businesses and Professions (DNFBP)
Over the years, the techniques used by money launderers, financial criminals and terrorists have evolved in response to governmental and institutional countermeasures. In recent years, facing increased anti-money laundering legislation and more advanced AML/CTF procedures in credit and financial institutions, some money launderers and terrorists resorted to the non-financial sector to conceal their criminal revenues.
In response to this trend, international bodies and local authorities have released guidelines on DNFBPs that have similar potential to financial institutions to be used for money laundering. It was proposed that DNFBPs be subject to AML/CTF regulations in order to prevent criminal activity. In most jurisdictions today, DNFBPs are regulated in much the same way as credit and financial institutions. Some also have tailored regulations to counter the unique money laundering threats posed by different types of DNFBP. This applies in Gibraltar as well where specific regulations apply to DNFBPs.
What is classed as a DNFBP varies depending on jurisdiction. Usually, at least the following professions are included: External accountants, tax advisors, Casinos, Dealers in precious metals and precious stones, Lawyers, Notaries and other independent legal Professionals, Real Estate Agents any other High Risk Dealer.
Whilst there is a vast offering in AML/CFT Training for regulated credit and financial institutions including best practices in terms of processes and procedures, there is a very limited offering in training for DNFBPS. Therefore, GACO together with ISOLAS/Fiduciary Gibraltar has set up this unique training for DNFBPs.
What every Real Estate Agent, High Value Dealer and High Risk Dealer needs to know. Join Jamie Allan and the team from Fiduciary Compliance Solutions on the 25th June 2020 as they cover the do’s and dont’s in this ever changing regulatory world.
This hands-on-approach training session will be beneficial for any DNFBP based in Gibraltar. If you are in any of the above mentioned economic sectors, you will benefit from attending this webinar, ask pertinent questions and obtain clear answers.
The speakers are part of the ISOLAS/Fiduciary Team dedicated and specialised in DNFBPs Risk & Compliance Solutions:
Jamie Allan - Head of Risk & Compliance Fiduciary Group
Jamie served in Her Majesty’s Armed forces for over 11 years leaving at the rank of Major having gained extensive operational experience in the fields of security, risk, and intelligence. Jamie now specialises in risk and compliance and has comprehensive experience across a number of compliance and regulatory areas such as investments, insurance, pensions, company and trusts, and data protection. Jamie holds a BSc (Hons) in Physics and Computer Science, a Graduate Diploma in Law and is a Chartered Manager with the Chartered Management Institute. Furthermore, Jamie holds a Diploma in Strategic Management and Leadership, an Advanced Certificate in Compliance, and Financial Planning qualifications with the Chartered Insurance Institute.
Will Birtwistle - Risk & Compliance Manager Fiduciary Group
Will has been working for more than 6 years with Fiduciary Group acting as a Compliance Analyst and more recently as a Risk & Compliance Manager at Fiduciary Group. He holds an ICA Advanced Certificate in Compliance and an ICA Diploma in Governance Risk & Compliance. Together with Jamie Allan he provides holistic Risk and Compliance solutions to regulated entities with a specialisation in DNFBPs.
Date: 25th of June 2020
Starting time: 9.30am CEST
1 hour presentation
30 mins questions