The Role of Reliance in Anti-Money Laundering

Many agents use the notion of “Reliance” in relation to their Anti-Money Laundering (AML) obligations. This means to “rely” on the Customer Due Diligence undertaken by another UK business subject to the Regulations, such as conveyancers, lenders or another third party agent. These third parties might also “rely” on your agency’s own Customer Due Diligence.

But the stakes are high if you misunderstood this important regulation. Applying ‘Reliance’ incorrectly carries a heavy price.

In this session, we were joined by Malcolm Driscoll, a popular presenter and Lead AML Consultant at FCS Compliance. With over 40 years’ service in the police in the investigation of serious and complex financial crime, Malcolm has an in-depth knowledge of how criminals seek to launder the proceeds of criminal activity on a global scale. He has extensive experience working alongside regulatory bodies, including HMRC and the FCA.

You will leave this webinar with a better understanding on:

• The meaning of Reliance
• The practicalities of Reliance on a day-to-day basis
• Common misunderstandings of what Reliance is
• The consequences of incorrect application
• The role of Reliance in a sub-agency relationship

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