Parliament Special

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Following on from a successful tour in 2017, we repeated the CPE event on this year (2018); only this year we spent the whole day on the Parliamentary Estate, We started with a very personal 75-minute guided tour of the Palace of Westminster; our superb guide pointed put the Magna Carta as of special interest to Notaries. Following which we transferred, via an underground tunnel, to Portcullis House for a meeting, over lunch, with Crispin Blunt MP.

Our second speaker was Joseph Robertson who gave us an insight on the due diligence requirements to open a bank account and how much harder this has become in recent years. Directors no longer need to publish a full date of birth, or their residential address and they no longer need to submit a full ownership breakdown by an Annual Return. We learnt that although banks ‘know your customer’ requirements haven’t changed too much;it is still necessary to ‘Know the clients business’ which, in a globalised business worldwhere corporate structures are becoming increasingly complex, it is harder to identify ultimate beneficial owners.

Notaries need to ask of a corporation:

• What does it do?
• Where does it trade?
• Who are its customers?
• Projected profits and currencies?

In the end, a notary needs to use their sense of intuition. A keytakeaway message from this “AML Observations of a Banker” session was that if you are presented with a set of company documents that raise any suspicions, ask for details of the presenter’s bank account. If such details are unavailable, then it may be that your suspicions are correct. There is no doubt that notaries are, from time-to-time, targeted to add veracity to a scam or to provide false evidence; following on from the ‘AML: Observations from a Banker’ we examined fake documents - genuine examples of fake documents that have been presented for notarisation; The ‘Fake Documents and Fraud’ presentation is included in the “Notaries Now”seminar: itis also included in the “General Data Protection Regulations: Practical Notarial Polices, Strategies, Cyber Security Strategies and Anti-Money Laundering” distance learning programs. Talking about Anti-Money Laundering: Regulations for Notaries…“Notaries must be familiar with and comply with all anti-money-laundering and anti-terrorism legislation as it applies to notaries…”

March 2018 Anti-Money Laundering Guidance for the Legal Sector The AML Legal Supervisors have agreed Legal Sector Anti-Money Laundering Guidance: Approved taking account of the changes introduced by the Money Laundering Regulations 2017 which came into force on 26 June 2017. The revised guidance has now received formal approval by HM Treasury following some minor changes to the draft which was published in September 2017.

The Parliament Specialaccredited CPE session included an in-depth look at the General Data Protection Regulation an overview of the legislation, a practical interpretation of what the notary needs to know to prepare and KISS (keep it short and specific) practical policies and forms used to receive instructions, gain consent and explain the firm’s privacy policies

2018: Here are some images of the day


Please contact Lisa Preuveneers for further information or clarification