AML & Client Due Diligence - The Essentials at Your Desk

Introduction

The SRA has shown an increasing ‘muscularity’ in its policing of the anti-money laundering rules and has referred several specialist City firms to the SDT because of failures to adhere to the letter of the AML Regulations.

It is also contacting and visiting law firms big and small regarding a number of matters which they feel should have been sorted by now but which, apparently, have not. A new warning notice issued in October 2023 reaffirms the importance of client and matter risk assessments.

There are also a few issues that many firms have not yet got their heads around - counter-proliferation risks, sanctions and source of wealth enquiries being among them.

This introductory level live broadcast session will focus on the law underlying money laundering and cover the up-to-date Regulations in some detail - outlining the range of things that should now be comprised in a proper due diligence line of enquiry of any new client.

What You Will Learn

This live and interactive session will cover the following:

• Brief summary of the basic law
• The 2017 AML Regulations
• The subsequent Amendment Regulations
• New legal obligations coming
• New SRA Warning Notices on client and matter risk assessments
• What is CDD exactly?
• What must we do for a range of clients?
• What evidence do we need of source of wealth, as opposed to source of funds?
• What about enhanced CDD? What of simplified CDD?
• What of ongoing monitoring?
• What should we be doing to remain compliant?

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.