DG Legal: Anti-Money Laundering (AML) Training For Support Staff 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.

Action has not only been taken against solicitors, but also other individuals who are not regulated by the SRA, whose breaches were so serious that the SRA felt compelled to take action.

As all SRA enforcement action, from rebukes to fines, is published by the SRA, the potential financial and reputational impact upon firms may be felt by all staff, regardless of whether they had any direct involvement with the non-compliance.

This course will cover the following to assist support staff in understanding the fundamental aspects of AML.

• The basics of what AML is
• In scope / not in scope work for AML
• POCA / TA
• PCPs – CDD & EDD
• Clients
• Risks – what could raise a risk?
• Reporting to the MLRO / MLCO
• Tipping off