New & Updated Compliance for Law Firms - 8 Essential Online Modules

Introduction

This bundle comprises 8 online webinars addressing the most important areas of compliance for law firms.

Delivered in bite-sized 30-60-minute sessions, each online module will cover the key messages - and warning signs.

Presented by Jo Morris, Keith Markham and Trevor Hellawell, this is the ideal way for you and your colleagues to keep up to date with all the latest developments in legal compliance.

Agenda

The modules covered are as follows:

Module 1 - AML - 30 Minutes - Jo Morris

As the world of AML is constantly changing and the regulations tighten it is hard to keep up with all that we should be doing.

The money laundering regulations were amended two years ago with the 5th Money Laundering Directive (5MLD) and following on from that the Legal Sector Affinity Group (LSAG) released their draft guidance, which received HM Treasury approval in July 2022.

So, what do we need to know and what do we need to do?

This module will cover the following:

• The key points of the current legislation
• A summary of the Legal Sector Affinity Group (LSAG) guidance
• The SRA and their thematic reviews
• Let’s get it right - what do we need to do in practice and what should we have in place?

Module 2 - Conflicts & Confidentiality - 30 Minutes - Trevor Hellawell

Conflicts and confidentiality are cornerstones of the ethical codes observed by SRA.

This module will cover the following:

• What is a conflict?
• When you can act in such a situation
• What does ‘acting’ for a party really mean?
• What is informed consent?
• What is confidential?
• How do you reconcile confidentiality with disclosure?
• How is it breached?
• When can you act in compromised situations?

Module 3 - General Data Protection Regulation - 60 Minutes - Keith Markham

This session has been fully updated in the light of ongoing developments and reviews a series of key issues that arise from the GDPR and the Data Protection Act 2018.

A series of practical steps will be suggested that should be taken in response to the issues highlighted.

This module will cover the following:

• UK GDPR v EU GDPR - how are they different and which applies to me?
• The ‘accountability’ principle - how do I comply with this in practice?
• Privacy statements - what content needs to be included?
• Consent - do I have to rely on this or are there alternatives?
• Security breach management - what are the key requirements?
• Role of the data protection officer - do I need to appoint one?
• Enforcement - examples of recent action taken by the ICO
• Compensation - examples of recent case law

Module 4 - SRA Accounts Rules - 30 Minutes - Jo Morris

The SRA Accounts Rules 2019 have been in force for over two years.

Comprising only 13 rules, they are far shorter and less prescriptive than before, but we still need to ensure we are protecting client monies.

What are the key changes in the new rules and what difference do these changes make in our working life?

This module will cover the following:

• The 13 rules explained
• What has been included in these rules and what have we lost
• The guidance notes from the SRA
• The role of the COFA
• What the new rules have meant in practice and what should we have in place

Module 5 - Equality, Diversity & Inclusion - 30 Minutes - Jo Morris

Equality, diversity and inclusion is important in law firms as we should create a comfortable environment for everyone.

Where we have diversity in our firms it enables us to better serve our clients, it can create new opportunities and aid better employee engagement and retention.

This module will cover the following:

• What is equality, diversity and inclusion?
• The legislation - Equality Act 2010
• The nine protected characteristics
• What is discrimination - direct and indirect

Module 6 - The SRA Standards & Regulations: A New Regulatory Regime - 30 Minutes - Trevor Hellawell

The SRA has undertaken research on how the profession has taken to its new Standards and Regulations and the majority of the respondents appear to like them.

They include a relenting of the regulatory obligations on law firms - offering you a choice of remaining subject to SRA regulation or contemplating reconfiguring yourself along any one of 9 different optional paths which offer a range of alternatives to the current regime.

This module will cover the following:

• The new regulatory regime for 2022 and beyond
• The opportunities for practice
• Amalgamation, consolidation and fragmentation of the market
• The costs of relinquishing SRA regulation
• The upsides for practice

Module 7 - Anti-Bribery Compliance - 30 Minutes - Jo Morris

Corrupt acts are a risk to our business and its employees as they may result in prosecution, fines and other penalties.

The Bribery Act 2010 came into force on 1 July 2011 and has now been with us for over 10 years.

Are your policies and procedures still up to date, do you have a dedicated officer, and have you trained your staff correctly?

This module will cover the following:

• An introduction - what is bribery?
• The legislation - the Bribery Act 2010
• Bribes v gifts
• Hospitality, gifts and entertainment and donations
• Ministry of Justice (MOJ) and the six principles
• What have you got in place - policies, procedures and registers?
• The cost of getting it wrong

Module 8 - Source of Wealth & Funds - 30 Minutes - Trevor Hellawell

Under the AML regime, the regulated sector must undertake source of wealth AND funds enquiries, but is this done frequently and searchingly enough?

Source of funds enquiries are commonplace, but they do not answer the fundamental question of how those funds were generated in the first place.

This module will cover the following:

• What the regulations require
• What the regulators require
• Source of Wealth Orders
• Source of wealth enquiries
• Source of funds enquiries
• The issue of multiple funders

This webinar was recorded on 21st April 2022