AML Grey Matters-Update on Changes to the Proceeds of Crime Act скачать в хорошем качестве

AML Grey Matters-Update on Changes to the Proceeds of Crime Act

This webinar, hosted by SILO Compliance Systems, featured regulatory legal experts Lucy Frew, Ian Mason and Ed Pearson of Walkers Global. They provided an update on key changes to the Cayman Islands Proceeds of Crime Act (POCA) 2024 and the new Defense Against Money Laundering (DAML) consent regime. Key Takeaways: 1. Introduction of the FRA’s Deemed Consent Regime From January 10, 2024, a deemed consent framework was introduced: The FRA has 7 working days to either grant or refuse consent. If the FRA does not respond within this period, consent is deemed granted, allowing the transaction to proceed. If consent is explicitly refused, a 30-day moratorium period applies, allowing authorities to investigate or take enforcement action. This aligns with the UK SAR regime and prevents unnecessary delays in processing transactions. 2. Impact on Filing Suspicious Activity Reports (SARs) SARs themselves have not changed in format or content. When filing a SAR, businesses must now explicitly request a DAML if they need a defense to proceed with a transaction. Those who filed SARs before January 2, 2024, may need to resubmit their SAR if ongoing transactions require FRA consent. 3. Practical Considerations for Businesses Review and update AML policies and procedures to reflect the new consent requirement. Train employees, particularly front-line staff, on: When and how to file an internal SAR. The new requirement for FRA consent. How to avoid tipping off customers about pending SARs. Manage customer expectations: Companies should consider updating terms of service, client agreements, and/or subscription documents to include wording about transaction times. 4. Tipping Off Risk The tipping-off offense remains unchanged. Businesses need to be prepared to handle client inquiries about delays in processing transactions. Staff should be trained to avoid disclosing that a SAR has been filed or that they are awaiting FRA consent. Instead, they should use neutral explanations. This webinar emphasized the importance of understanding and adapting to the new POCA 2024 requirements and reminding businesses to update their AML processes, client communications, and SAR handling procedures.