Enhanced Due Diligence for Law Firms - Meeting Your AML Obligations

Introduction

Enhanced due diligence is one of the most important - and frequently scrutinised - aspects of anti-money laundering compliance for legal professionals.

While the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (as amended) set out when enhanced due diligence must be applied, firms are often challenged by what enhanced due diligence should look like in practice and how to demonstrate that appropriate measures have been taken.

This new, practical virtual classroom seminar is designed for solicitors, compliance professionals, MLROs, COLPs, partners, fee earners and anyone responsible for AML compliance within law firms. It will provide a practical understanding of when enhanced due diligence is required, what proportionate EDD looks like in different scenarios and how to evidence compliance with regulatory expectations.

What You Will Learn

This live and interactive session will cover the following:

• The legal framework for enhanced due diligence under the Money Laundering Regulations 2017 (as amended)
• When enhanced due diligence is required and applying a risk-based approach to higher-risk clients and matters
• The distinction between customer due diligence, enhanced due diligence and enhanced ongoing monitoring
• Conducting effective source of funds and source of wealth enquiries, including what evidence may be appropriate in different circumstances
• Enhanced due diligence for politically exposed persons (PEPs), their family members and known close associates
• Dealing with clients established in, or connected to, high-risk third countries and the additional measures required by the Regulations
• Identifying and managing higher-risk scenarios, including complex ownership structures, trusts and corporate vehicles
• Enhanced ongoing monitoring throughout the client relationship and recognising when further enquiries are required
• Recording and evidencing enhanced due diligence decisions to satisfy regulatory expectations
• Common pitfalls, regulatory findings and practical tips for implementing robust enhanced due diligence procedures within your firm
• Practical case studies illustrating how enhanced due diligence can be applied in real-life legal practice

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.