The Solicitors Regulation Authority (SRA) continues to take robust enforcement action against firms and individuals who fail to comply with the Money Laundering Regulations 2017 (MLR 2017). AML breaches can result in significant financial penalties, regulatory investigations, reputational damage, and, in some cases, personal accountability for those involved.
Many enforcement cases have arisen from failures to carry out adequate client due diligence, properly assess source of funds and source of wealth, identify high-risk matters, or escalate concerns appropriately. The SRA has made it clear that fee earners play a critical role in a firm’s AML compliance framework and cannot rely solely on their firm’s systems and procedures to meet their obligations.
This practical course is designed to help fee earners understand their AML responsibilities and confidently apply them in day-to-day casework. Through real-world examples and practical guidance, delegates will gain a clearer understanding of regulatory expectations and how to identify and manage AML risks effectively.
Topics Covered
- Understanding your AML obligations and how to remain compliant
- Firm-wide and matter risk assessments (FWRA/MRA)
- Client due diligence (CDD) requirements
- Beneficial ownership and control
- Identifying and assessing AML risks
- Policies, Controls and Procedures (PCPs)
- Enhanced Due Diligence (EDD) requirements
- The Proceeds of Crime Act 2002 (POCA) and Terrorism Act obligations
- Source of Funds (SOF) and Source of Wealth (SOW) checks
- On going monitoring
- Reporting concerns to the MLRO and MLCO
- Recognising and avoiding tipping off offences
- Identifying red flags and suspicious activity
Target Audience
This online course is suitable for fee earners and legal practitioners working in the regulated sector who wish to enhance their understanding of anti-money laundering requirements, strengthen their compliance knowledge, and gain practical guidance on meeting their AML responsibilities.