AML for Law Firms - 2025 Virtual Conference

Introduction

Chaired by Trevor Hellawell, this virtual conference will provide legal professionals with a valuable opportunity to reflect on the evolving anti-money laundering landscape and the increasing expectations placed on law firms. As regulatory scrutiny continues to grow, this conference offers essential insight into how firms can strengthen compliance, manage risk effectively, and meet their obligations with greater confidence and clarity.

Conference Agenda

This live and interactive 5 hour conference will cover the following:

10am-11am: Sources of Wealth & Sources of Funds - Is There a Difference & When Do We Stop?

Trevor Hellawell

This session will explore the key differences between ‘sources of wealth’ and ‘sources of funds’ in the context of Anti-Money Laundering (AML) compliance for law firms, enhanced as it has been, by the publication of a new LSAG Guidance Note in April 2025. It will examine the legal and regulatory frameworks that require firms to distinguish between the two and consider when and how firms should conduct due diligence in relation to each. The session will also discuss practical challenges and best practices for determining the point at which firms can reasonably stop investigating, balancing thoroughness with practicality in their AML obligations.

Morning Break

11:10am-12:10pm: The SRA Thematic Review on AML Training - Embracing the ROLE Framework

Joanna Morris, Training and Consultancy

Regulation 24 of the Money Laundering Regulations 2017 states that all firms must ensure that relevant employees receive regular AML training which includes making them aware of the law relating to money laundering, terrorist financing and to the requirements of data protection which are relevant to the MLRs.

Although this is a requirement of the MLRs, the SRA are finding that some firms are still not training their relevant staff or that the training is inadequate. The firms are also not keeping adequate training records. The SRA have conducted a thematic review this year in relation to AML training. The report on the review was released on 30 October 2024 and makes for interesting reading.

In this session we will look at how the SRA conducted the review, what their findings were in relation to good and poor practices and look at how we can put an effective AML training programme in place in our firms.

In this session covering the facts, findings and figures of the thematic review report, we will learn:

• The methodology used to undertake this review
• The findings of the review including good and poor practices
• How to put together an effective AML training programme using the ROLE method the SRA have introduced
• Additional training required for the MLRO/MLCO
• AML training in connection with continuing competence

12:10pm-1:10pm: AML Risk Assessments: Laying the Groundwork for Compliance

Mandy Hargun, Oakalls Consultancy Limited

This session will examine the purpose and structure of an Anti-Money Laundering (AML) risk assessment within a legal practice. It will outline the key elements of an effective assessment, including use of templates, suggested headings, and practical considerations. The session will also explore why undertaking a thorough risk assessment is a necessary foundation before developing a firm’s AML policies, controls, and procedures.

Break for lunch

2-3pm: The Benefits of a Regulation 21 Independent Audit

Joanna Morris, Training and Consultancy

With the release of the Money Laundering Regulations in 2017 came a new Regulation 21, often referred to as the internal controls regulation.

This regulation covers the need to have a Money Laundering Compliance Officer (MLCO), the importance of screening relevant employees and, lastly, the requirement to undertake an independent audit function.

The SRA states that the purpose of an independent audit is to examine the adequacy and effectiveness of a firm’s AML controls and procedures. As Regulation 21 states at the beginning: ‘with the regard to the size and nature of your business…’, lots of firms felt that they didn’t need the independent audit either because of the size of their firm or the type of work that they did but, these days, the SRA expect the majority of firms to have one. This session will cover the following:

• Regulation 21 of the MLR2017 - what does it say?
• Why have this audit - what are the benefits?
• What does it cover?
• Who can complete the audit - internal or external person?
• How long will it take?
• What documentation will be required?
• Will we get a formal report from the person conducting the audit?
• How often do we need to have one?

Afternoon break

3:15-4:15pm: Crime Doesn’t Pay?

Laurence Howland, Buckles Law

Regulated professional service firms are bombarded with a vast swathe of legislation and regulation concerning anti-money laundering, counter-terrorist financing, and related financial crime risk. As the regulatory burden increases, and the cost of compliance grows, many firms are asking - what is the real risk to your firm? How do criminals actually launder the proceeds of their crime and what would that look like if it passed across your desk?

Leading expert Laurence Howland is the Director of Risk and Compliance of Buckles Law and has over 30 years of front-line experience investigating organised crime as an accredited financial investigator and head of a national money laundering investigation team. In this session he will draw on genuine cases and his own extensive experience to illustrate how financial crime works in the real world and the steps that criminals take to hang onto their ill-gotten gains, as well as giving important insights into how ‘ordinary, honest people’ in busy roles can miss the signs of money laundering, corruption, and fraud.

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.