AML & Client Due Diligence - The Essentials at Your Desk

Introduction

Post-COVID-19 there have been increased concerns about the rules and regulations relating to anti-money laundering processes and systems governing the legal sector and, in particular, sanctions.

According to a recent Law Society article, law firms are placing clients and staff at ‘significant risk’ by failing to pay attention to the impact working from home could have on compliance, with surveys indicating that 40% of practices have failed to update their anti-money laundering risk assessments since moving to remote working in March 2020.

New ways of working have resulted in a much higher incidence of remote consultations and the opportunity for frauds.

The SRA has also shown a ‘muscularity’ in its policing of the rules and has started to contact law firms big and small on a number of matters which they feel should have been sorted by now but which, apparently, have not.

This introductory level live broadcast session will focus on the law underlying money laundering and cover the regulations in some detail - outlining the range of things that should now be comprised in a proper due diligence line of enquiry of any new client.

What You Will Learn

This live and interactive session will cover the following:

• Brief summary of the basic law
• The 2017 AML Regulations
• The 2019 Amendment Regulations
• What is CDD exactly?
• What must we do for a range of clients?
• What about enhanced CDD?
• What of simplified CDD?
• What of ongoing monitoring?
• What should we be doing to remain compliant?

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.