AML for Private Client Practitioners

Amid the growing furore surrounding both current and forthcoming AML requirements, private client practitioners—like most professionals in the sector—must ensure that they are fully compliant in their dealings with clients and client monies. From straightforward will drafting to estate administration, the creation and management of trusts, and the provision of tax advice, the issues involved are anything but simple.

Moreover, with the SRA making clear that its “offensive will continue”, private client practitioners must be confident that their house is in order in the face of ever-increasing regulatory burdens and expectations.

What do those burdens require?

Topics covered include:

• What it means to be a ‘gatekeeper’
• SRA position & FCA regulation
• The range of work covered
• What do we have to do to comply in:
  • Simple wills cases
  • Estates administrations when acting as or for executors
  • Trust cases
  • When must we identify & verify beneficiaries?
• Client and matter risk assessments
• Sources of wealth and sources of funds
• The crucial importance of ongoing monitoring