AML Supervision Reform - Preparing Law Firms for Possible FCA Style Oversight

Introduction

This new virtual classroom seminar will provide a clear overview of the ongoing debate around anti-money laundering (AML) supervision reform and what a move to an FCA supervisory model could mean for law firms.

The UK government and regulatory bodies continue to review the effectiveness of the current AML supervisory framework, with increasing focus on consistency, accountability, enforcement, data collection and outcomes-based supervision.

As expectations evolve, legal practices may face greater scrutiny of their governance arrangements, risk management frameworks, customer due diligence processes and compliance monitoring activities.

Expert speaker Jo Connolly will examine how FCA regulatory principles, including senior management accountability, outcomes-focused supervision, data-driven monitoring and proactive compliance oversight, could reshape AML expectations within the legal sector.

Practical examples will be used to demonstrate where firms may need to strengthen governance, documentation, management information, file reviews, risk assessments and compliance monitoring processes to meet heightened regulatory expectations.

This session will be of interest to law firm owners, COLPs, COFAs, Money Laundering Compliance Officers (MLCOs), Money Laundering Reporting Officers (MLROs), compliance managers, risk professionals and senior leaders responsible for AML compliance.

What You Will Learn

This live and interactive session will cover the following:

• The proposed reforms to the UK's AML supervisory framework
• The potential implications of FCA supervision for law firms
• Gaps within existing AML systems and controls
• Practical approaches to strengthening AML governance, monitoring and oversight
• The importance of management information, record keeping and evidencing compliance effectiveness

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.