National and international laws against money laundering and terrorism financing designate different financial and non-financial organizations to meet legal requirements to combat these crimes.
Lawyers are considered one of these group but are only required to conduct compliance activities for specific legal services that they provide. On the other hand, based on the AML/CFT State Ordinance, it is compulsory for lawyers to report unusual transactions to FIU-Aruba, with exception of legal services exempt to the AML/CFT obligations (article 2, paragraph 2)
This training will guide you as a legal profession how to best comply with the legal requirements as set forth in the AML/CFT State Ordinance and the updated CBA Handbook.
The AML/CFT State Ordinance must be applied when lawyers perform the following activities in or from Aruba:
- the purchase and sale of register objects, as well as
- establishing a right of mortgage on a registered property;
- the management of money, securities, or other asset components;
- the management of bank, savings, or securities accounts;
- the organization of contributions for the creation, operation, or management of companies;
- the creation, operation, or management of legal persons or similar legal entities, and
- the purchase and sale/takeover of businesses.
The training will be focused on the following topics:
- Legal requirements and the updated CBA Handbook
- Which risks should be assessed: (Business Risk Assessment)
- Overall Firm Risk – “Know Your Own Business”
- Client Risk – “Know Your Customer”
- Individual Transaction Risk – “Know Your Customer’s Business”
- Legal services exempt to the AML/CFT obligations (article 2, paragraph 2)
- Key terms of legal services subject to the AML/CFT obligations in or from Aruba (article 6, paragraph 2)
- What each level of Due Diligence actually means (Simplified DD, Enhanced DD, Standard CDD)
- The initial interview to determine adequately which services are requested
- What is considered as the moment of acceptance/initiation of the business relationship with a client?
- Who is your client? – including Non-Face -To Face
- How do you assess your clients against the applicable sanction lists?
- How do you assess if your client is a possible PEP?
- Identifying Beneficial Owner and/or Control Person
- Source of Funds – Source of Wealth
- Triggers – monitoring – alerts – negative media etc.
- Assessing negative media information (after the service is provided to the client)
- Investigating – internet search – open sources
- Reporting procedures – Internal & External– When and what to report?
- Exiting clients – rejecting new clients
- The reporting obligation on the subjective indicators
- The quality of Unusual Transaction Reports
- The importance of civil and criminal indemnification (vrijwaring)
- Which steps must be taken after an unusual transaction report has been submitted by the FIU to the relevant law enforcement agency?
- Request for further information by FIU
- Inquiries received from Law Enforcement Authorities (Judicial Orders) – responding to a Law Enforcement Investigation
- Safeguarding professional secrecy
- The risk and consequences of Tipping Off – Confidentiality
- What records need to be kept?
- What to expect from an Onsite/Offsite examination by the Regulator
- Penalties for non-compliance – Who can be held responsible?
- Some Practical cases
- Money Laundering Compliance Officers & Money Laundering Reporting Officers
- Lawyers and Law firm personnel
- Relevant staff involved with this topic e.g. internal auditors
Participants will learn about assessing and mitigating risks, customer due diligence and file reviews. Through practical examples, we aim to illustrate the process of fulfilling compliance requirements for the legal profession.
There are no requirements for participation.
The duration of the training is 3 hours
AWG 445,- pp. (incl. taxes)
Costs includes: Training sheets and Certificate of participation.
Date: December 2nd, 2021
Time: 3:00 – 6:00
Location: This training will be held at the training center of Compliance Services Caribbean located at Caya Taratata 3-A, Unit 16 (Opposite RBC Bank Italiëstraat).