AML & Client Due Diligence for Law Firm Support Staff - A Boxset of 6 Essential Modules

Introduction

This box set of 6 x 30 minute online modules presented by Trevor Hellawell will be of interest to anyone who works in a support team within a law firm and who frequently has the task of undertaking CDD on clients.

Module 1 Financial Crimes

This module studies the increasing range of financial affairs that might affect a law firm. Money laundering is an important, but by no means the only, consideration to bear in mind. The list keeps getting longer.

This module will include the following:

• AML/Mortgage Fraud
• Counter-Terrorist Financing
• Sanctions update
• Counter-proliferation financing
• Accounts Rules
• Bribery and tax evasion
• Fraud avoidance?
• Cybercrime

Module 2 What is ‘Money Laundering’?

This module will discuss how easy it is to become a money launderer. The definitions in the law are complex and wide ranging and catch everyone from the Russian kleptocrats to the local tyre-fitter.

This module will include the following:

• The official definition
• The practicalities
• Who is not a money-launderer
• Effects of the law on small and medium-sized firms
• What the regulators say
• Overlaps with terrorism and counter-proliferation financing
• Overlaps with sanctions provisions

Module 3 AML - The Law

This module will consider the criminal offences which make up the law, and what the punishments could be if you get it wrong. It will also consider what steps to take in order to prevent being prosecuted and going to jail.

There may be some surprises there.

• The offences we could be committing
• Principal offences: subjective tests
• Ancillary offences: objective tests
• Tipping off
• How can we avoid going to jail
• What should we do if we have a concern?
• When should we be suspicious?
• Reporting our suspicions
• What do we do if we are still worried?

Module 4 The Regulations - What Exactly Do I Have to Do?

This module gets to the heart of the things that support staff actually need to do when a client contacts a law firm.

It considers the exact requirements of client due diligence - what is required and when - and further considers the ways to get the information more quickly and securely in the future. With regard to entities, it will discuss the implications of discovering who the key individuals are who are pulling the levers from behind the scenes.

It will also discuss source of wealth and funds enquiries too - though who should be enquiring about such matters is something for the firm to decide.

The module will include the following:

• CDD - what do I need?
• CDD - how do I get it?
• Special rules on corporations and entities
• Whose heartbeat are we serving?
• Source of wealth enquiries
• Source of funds enquiries

Module 5 The Regulations - What Extra Steps do I Need to Take and When?

This module will discuss the extra steps you need to take at either end of the spectrum of CDD enquiries. For some clients you can take simpler steps, but for others much more would be required. It will also discuss what steps exactly have to be undertaken by those involved in the CDD process.

Do we need proof of the truth of what we are told?

This module will include the following:

• Simplified CDD
• Enhanced CDD
• When do I have to do more?
• High risk jurisdictions
• Politically exposed persons
• Extra corroboration of source of wealth and funds
• Other factors to bear in mind

Module 6 The Critical Bit - Ongoing Monitoring

This module will discuss the other aspects of AML duties apart from the proof and verification of identity, source of wealth and funds.

This module will include the following:

• The duty of ongoing monitoring
• What it means in reality
• Have the courage to ask questions
• How to keep the firm and fee-earners on their toes
• How do you prove you are doing it?
• Know your client
• Know your transactions

This webinar was recorded on 1st November 2023