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Podcast Location:
Download it here [file size: 26.7 MB]
Banking and Financial Services
Fraud, Financial Crime & Anti-Money Laundering
CPD Points:
Up to 1 point. details »

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Regulated by the Solicitors Regulation Authority:
Listen and pass the quiz: Gain 1 CPD point (60 minutes)
Listen only, gain ½ a CPD point (30 minutes)

Regulated by the Bar Standards Board:
Listen and pass the quiz: Gain 1 accredited CPD point (60 minutes)

Regulated by ILEX:
Listen and pass the quiz: Gain 1 CPD point (60 minutes)
Listen only, gain ½ a CPD point (30 minutes)

  • FREE
30 minutes of audio
(+ optional 5 minute online quiz)
Plays on Computer:
Yes Downloadable as MP3:    Yes
Course Aims:

This podcast is aimed at those interested in financial crime and compliance issues. It aims to explore the structure and purpose of the UK’s anti-money laundering rules which have their base in the Proceeds of Crime Act 2002 and impact significantly on the day to day activities of a great number of financial and other commercial institutions when handling their client’s money. Part 2 explores in greater detail some of the key ‘triggering’ provisions in sections of most relevance to lawyers, section 328 and 330 of POCA 2002. It also expands of the compliance burden faced by commercial operators and the possible consequences of raising a ‘red flag’ on a transaction.

After completing the course you will:
  • Understand more about the necessary threshold at which a Suspicious Activity Report (SAR) can be made and what ‘suspicion’ means;
  • Be aware of the wide drafting of the provisions concerning ‘criminal conduct’ the proceeds of which may lead to an SAR being made;
  • Understand the consequences for both individuals and commercial parties if an SAR is made to the Serious Organised Crime Agency;
  • Understand the impact of the decision in Shah v HSBC on the consent regime and what developments may affect the UK’s AML regime in the future.
Complex Difficulty: 4 of 5
Legal Principles
Sources and References:
  • Shah & Anor v HSBC Private Bank (UK) Ltd [2010] EWCA Civ 31;
  • K Ltd v National Westminster Bank Plc & Ors [2006] EWCA Civ 1039;
  • R v Rimmington [2005] UKHL 63;
  • Squirrell Ltd v National Westminster Bank Plc [2005] EWHC 664 (Ch);
  • R (on the application of UMBS Online Ltd) v Serious Organised Crime Agency Rev 2 [2007] EWCA Civ 406;
  • Proceeds of Crime Act 2002 328, 330, 340(2), (3), 344.

In this two-part CPDcast mini-series commercial barrister Paul Marshall from 4-5 Gray’s Inn Square outlines and discusses the structure, purpose and workings of the UK’s anti-money laundering consent regime. Having set out the overarching framework for AML in Part 1, Part 2 focuses in more detail on the mechanics and concepts that underpin the ‘consent regime’ and its effect on UK businesses and financial system.

Podcast added: 01/01/2012

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