While your firm may fall outside the scope of the Money Laundering Regulations 2017, AML awareness and risk management remain essential. Criminals do not distinguish between regulated and non-regulated legal services, and firms must still be alert to the risks of financial crime, suspicious activity, and reputational damage.
This practical course provides a clear understanding of the AML landscape for out-of-scope firms, helping delegates recognise potential risks, adopt good practice, and understand when AML principles should still be applied. Delegates will gain practical guidance on client due diligence, source of funds enquiries, reporting concerns, and the wider responsibilities of legal professionals in preventing financial crime.
Topics Covered
- Overview of the AML regulatory framework
- Understanding why some firms and departments are in scope and others are out of scope
- The role and responsibilities of the MLRO
- AML fundamentals and key principles
- Client Due Diligence (CDD) and identification requirements
- Responsibility for carrying out and documenting CDD
- Source of Funds (SOF) and Source of Wealth (SOW) considerations
- Ongoing monitoring and recognising changing risk profiles
- Identifying red flags and suspicious activity
- Reporting concerns to the MLRO
- Good practice for managing AML risks in out-of-scope firms
Target Audience
This online course is suitable for all staff working within law firms that are outside the regulated sector, including support staff, fee earners, managers, compliance personnel, and partners. It is ideal for anyone looking to develop a practical understanding of AML risks, responsibilities, and good practice.