DG Legal: Anti-Money Laundering (AML) Training For MLROs, MLCOs And Law Firm Management Course

In January 2024 alone, reports were published about the SRA taking enforcement action against 3 firms and 4 individuals for failure to comply with the Money Laundering Regulations 2017. The fines issued for these non-compliances total over £570,000 plus costs. The absence of staff training, or requirement to complete additional training, was noted in a number of these cases.

As a manager of a law firm, or more crucially an MLRO or MLCO, the ultimate responsibility for the firm’s compliance, including with the MLR 2017, lies with you. It is your responsibility to ensure that the firm puts in place, reviews and updates compliant policies, controls and procedures. You must ensure that the firm maintains an up to date practice wide risk assessment. You are required to ensure that your employees are regularly given training on the MLR 2017 and associated risks.

If a breach occurs, the SRA will take a wider look at the firm and identify any supervisory deficiencies that may have contributed to failures by fee earners or support staff. It has proven that it will not shy away from holding to account managers, compliance officers and MLRO/MLCOs for failures by their firms to comply with requirements of the MLR 2017.

This course will cover the following to assist firms MLROs, MLCOs and Management with fulfilling their AML management responsibilities:

• How to comply with your obligations and stay compliant
• FWRA – linked with PCPs
• Mandatory AML Policies and Procedures – SRA have concerns
• Training and supervising staff
• Audits
• SRA requirements
• Reporting SARS
• POCA/TA
• Fulfilling reporting officer and compliance officer duties