What is ‘money laundering’ – AML elements for support teams

The phrase ‘Money Laundering’ can often conjure up mental images of vast sums of drug money being handled by the Russian mafia and Colombian cartels.

The reality is much more down-to-earth. Everyone has the potential to be a money launderer and that is why all staff need to be constantly and consistently aware of the current thinking about how to prevent it.

The SRA and other regulators, frustrated by law firms’ ongoing inefficiencies, now mandate comprehensive compliance measures. Firms must conduct full practice-wide risk assessments, CDD, KYC verification, client and matter-specific risk assessments, and provide justifications for each case. Additionally, firms must thoroughly investigate the source of wealth and transaction-related funds, under a more rigorous and closely monitored regime than before.

What you will learn: 

• The key question – what IS money laundering?
• Update of the AML regime, including new Acts of Parliament
• What does it mean to be a ‘gatekeeper’?
• SRA Sectoral Reviews and Warning Notices
• What do we have to do to comply?
  • PWRAs
  • CDD; e-ID&V
  • CRAs
  • MRAs
• What do all the acronyms mean?
• Ongoing Monitoring