- Update/Intermediate * 6 hours CPD
The Money Laundering Regulations 2007 came into force on 15 December 2007. It is essential that every firm provides regular training and education with regard to the current law and practice relating to anti-money laundering and provides assistance in the recognition of money laundering. This course will be important to provide a reminder of the legislation, the requirements of the Regulations as interpreted by the Law Society practice note and to provide up to date and current concerns with regard to money laundering.
The course will cover:
- Where are we now?
- The existing legislation
- The Money Laundering Regulations 2007
- Customer due diligence
- Risk assessment
- Identification and verification
- Electronic service providers
- Simplified and enhanced due diligence
- Reliance on third parties
- Training
- The ongoing requirement to develop practices and procedures on a risk-sensitive basis
- Key issues from the Law Society’s practice note
- The risk based approach
- Client identification
- Beneficial owners
- Records, training and procedures
- Privilege
- Warning signs of money laundering
- Some practical issues around disclosure and reporting
The Solicitors’ Code of Conduct Rule 5 makes the effective running of the firm a matter of professional conduct, requiring partners ‘to be able to produce evidence of a systematic and effective approach to management’. It requires effective systems for supervision, risk management and delegation, and expects training to ensure the competence of all personnel in performing their duties. This course will help you meet this requirement.