Conveyancing AML: Managing Property Fraud, Risk Assessments and Source of Funds

Introduction

In a volatile property market, there is much concern about scams, financial crimes, money laundering, and mortgage fraud of all kinds. Frauds, impersonations of clients, and well-concealed thefts from professional firms in the aftermath of recent security breaches, have all reinforced the need for cooperation and collective vigilance in all law firms and licensed conveyancers. Couple that with an increased 'muscularity' in the enforcement of the rules and regulations by the SRA and CLC and one has the makings of a real crisis of confidence.

Whilst the core AML regime remains familiar, conveyancers continue to face increasing scrutiny from regulators, more sophisticated fraud attempts, growing expectations around source of funds and source of wealth enquiries and the challenges presented by AI-enabled financial crime.

This live broadcast session will enable you to participate in a round-table discussion of the key issues from your own office, and you will be able to speak and contribute as if we were all in the same room together.

What You Will Learn

This live broadcast will cover the following:

• What does the law currently require?
• UK legislation and regulation - POCA 2002
• The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (as amended)
• Latest LSAG Guidance on AML
• SRA Warning Notices and other publications
• CDD and Ongoing Monitoring as the law currently stands
• The key concerns
• AI-enabled fraud, cybercrime and client impersonation risks in conveyancing
• Key criminal and fraud offences in the property context
• How do I know when to be suspicious? - Identifying red flags and recognising when enhanced enquiries may be required.
• Principal and Ancillary offences
• Tipping off
• The Regulations - current and future requirements
• Internal compliance - Conducting and documenting client and matter risk assessments
• Practical source of funds and source of wealth enquiries - what evidence is enough?
• CDD, beneficial ownership and common due diligence pitfalls
• Ongoing monitoring and recognising changes in risk throughout a transaction
• Practical Responses
• Practical steps to strengthen AML compliance and risk management procedures.
• Electronic verification, identification checks and managing residual risk
• Recognising when a Suspicious Activity Report (SAR) should be considered and avoiding tipping-off offences
• Using ongoing monitoring effectively to identify suspicious activity and potential grounds for reporting

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.