AML Responsibilities for Directors

An Aspida Breakfast Briefing

Aspida's Regulatory Advisory team and expert guest speakers provide an essential briefing on the responsibilities of Directors with regards to AML

Webinar broadcast on Tuesday 2nd February 2021, 08:15am - 09:45

Directors of many regulated entities, especially banks and fiduciaries, will have recently received a letter from the Financial Intelligence Service (FIS) requiring them to take a number of actions concerning Suspicious Activity Reports, and to confirm how they will ensure the effectiveness of their Anti Money Laundering obligations. This should be a call to action for directors of all regulated entities to reflect, review and strengthen their approach to AML regardless.

At Aspida Group, we have some observations, derived from our experience in Guernsey and internationally, on how directors of all regulated entities should be responding to the increasing scrutiny and requirements from regulators in this respect.

In this live online event, we were delighted to be joined by Robert Breckon, of Ferbrache and Farrell, who set the scene on the current and emerging regulatory environment, and why that may be contributing to a culture of fear amongst prescribed position holders and directors. He also tried to assuage those fears with ideas on potential solutions.

Rhona Humphreys, Compliance & Operations Director of Imperium Trust, reflects on her 25 years of experience in the Guernsey fiduciary sector. Having played a large part in developing policies and procedures, enabling efficient and effective client service, whilst maintaining an appropriate level of control over a client’s affairs, she brought many useful insights to the table.

Aspida’s co-founder, Peter Mills draws on his wealth of experience across the finance industry, trade bodies, regulatory projects and government groups to look at the actions required by FIS – including what directors of fiduciaries and banks need to ensure is done, who should do it, by when and what “good” looks like in relation to the Management Information which they should be reviewing.

At the end, there is a Q&A with our panel of experts.

Agenda

8.15 am – Welcome and introductions Wayne Bulpitt, Joint Chair, Aspida Group

8.20 am – Regulated environment culture Robert Breckon, Febrache and Farrell

8.35 am – Reflections of a director Rhona Humphreys, Compliance & Operations, Director Imperium Trust

8.45 am – Risk and practical solutions Peter Mills, Joint Chair, Aspida Group

9.05 am – Panel discussion

9.45 am – Close

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