AML for Law Firms - Is Your AML Policy Compliant?

Introduction

SRA AML questionnaire - Question 6 - Does your firm have AML policies, controls and procedures in place for compliance with Regulation 19 of the MLP2017?

SRA AML questionnaire - Question 7 - When were your AML policies, controls and procedures last updated?

When we see the fines that the SRA are issuing this is one area that always seems to get a mention - no policies, controls or procedures or they have not been updated for some considerable time.

How are you going to answer those questions? Are you confident that you have everything covered should the SRA ask to see yours? When did you last update yours and do you know that your staff are following them?

Policies and procedures are really important for our law firms. They tell us what we need to achieve and how to get there. They protect the business, staff and clients.

Once we have completed our AML firm-wide risk assessment we can then complete our AML policies and procedures. It is important to ensure we have everything covered and as the world of AML grows, and regulations and guidance change, it is difficult to keep these documents up to date.

This new virtual classroom seminar will discuss the elements of a good AML policy and procedure.

What You Will Learn

This live and interactive session will cover the following:

• Regulation 19 of the MLR2017 - the requirement to have policies, controls and procedures
• What format do I use - templates?
• What areas need to be covered in the policies and procedures including:
• Obligations
• CDD including simplified and enhanced due diligence
• Source of Funds and Source of Wealth
• PEPs and high risk third countries
• Suspicious activity reporting
• Record keeping
• Training
• Updating of the policies, controls and procedures
• The cost of getting it wrong

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.