5 Big Takeaways from Amy Bell’s Ask Me Anything on Regulatory Compliance Webinar on 25 June
June’s “Ask Me Anything” webinar from Amy Bell, founder of Teal Compliance, was packed full of practical insight, candid commentary, and a little comic relief (Zoom bombers, anyone?).
Whether you’re navigating the SRA, gearing up for AML changes, or just trying to stay sane in the world of risk and regulation, this one had something for everyone.
- Privilege and SARs – proceed with caution
- CDD Reports – to share or not to share with clients
- The ever-elusive AML Reform
- Zoom bombing… in an AML Webinar
- Use of CDD data beyond AML – is it a risky business?
Here’s what the attendees learned from the webinar:
Privilege and SARs - Proceed with Caution
Amy tackled the tricky question of when legal professional privilege (LPP) applies, especially in AML contexts where suspicions arise. Her golden rule?
“If there’s even a whiff of privilege, get legal advice before you submit a SAR.”
Why? Because if you get it wrong, not even the SRA can save you from the fallout. She recommends having contacts like Jonathan Fisher KC or Anita Clifford on standby for exactly this kind of query.
Takeaway: You can’t rely on regulators to waive privilege. You need clear documentation, sound legal advice, and an understanding of the crime/fraud exception if you’re ever going to justify disclosure.
CDD Reports: To Share or Not to Share with Clients?
Do you show clients the results of their own CDD reports, especially if there are red flags?
The room was split. Some say yes, clients paid for it. Others warn: don’t disclose internal notes or tip off if there’s a SAR brewing.
Amy’s advice? Keep it focused on ID verification and steer clear of anything that could hint at suspicion.
Takeaway: If you’re rejecting a client or changing payment terms based on CDD, document your reasons and avoid tipping off. Internal notes stay internal.
The Ever-Elusive AML Reform
Yes, we’ve heard the whispers: clearer AML regulations are coming. But Amy poured a bit of cold water on the optimism….
“They’re not going to make it easier... they’re just tinkering.”
Post-Brexit regulatory reviews are under way, and changes may come after the summer recess. But don’t expect sweeping reform, just incremental updates (think: guidance on source of funds, or high-risk third countries).
Takeaway: Keep calm and carry on. Watch for announcements in September, and subscribe to Teal’s Resource Centre so you don’t miss them.
Zoom Bombing... in an AML Webinar?!
A bizarre moment turned into a real learning opportunity when Amy shared how a session was hijacked with (you guessed it) porn. 😳
The culprit kept rejoining with fake names (even impersonating Our Wayne!). As a result, Teal is switching future sessions to webinar mode, with added security questions like company name.
Takeaway: If you’re running online events, secure them properly. Bad actors will show up, even to compliance webinars.
Use of CDD Data Beyond AML - Risky Business?
Using CDD insights to gauge creditworthiness? It may be tempting, but Amy offered a word of caution.
The ICO might frown on repurposing data collected under AML for commercial reasons—like asking for more money on account because a client has poor credit.
Takeaway: Be transparent with your data use. Don’t stray too far from your stated lawful basis.
Final Thoughts: Compliance Isn’t Optional (But It Can Be Easier)
Amy’s AMA was a reminder that compliance is never static—it’s layered, nuanced, and constantly evolving. From privilege puzzles to client onboarding minefields, it pays to stay sharp.
But here’s the good news: you don’t have to do it alone.
Teal Tracker was built exactly for this. It’s intuitive compliance software that helps you stay on top of your regulatory obligations without getting buried in spreadsheets and guesswork.
👉 Take a look at Teal Tracker and see how it can help you take control of your compliance, effortlessly.
