We have have launched a new course for compliance officers due to an intensified need and demand for enhanced AML training.  

We are increasingly being asked to deliver enhanced AML training for those with responsibility for the area in law firms, principally the firm’s MLRO and Deputy MRLO. 

In light of the recent SRA updated  AML Sectoral Risk Assessment , there is a definitive reinforcement by the regulator to ensure that firms have a realistic awareness of the risks posed, and the need to differentiate between clients.   

In particular, MLCOs and MLROs must now review their own written risk assessment and incorporate any necessary improvements in line with the SRA’s requirements and, for firms scheduled for an SRA visit, the new risk assessment must be considered as part of their Regulation 18 PWRA.  

Speaking about the new course, Legal Eye’s Managing Director, Paul Saunders, explained that the team have worked on a course with core foundations that will then be designed in conjunction with a firm’s MLCO/MLRO to ensure its suitability to that firm’s specific requirements.  

‘There are some common core elements to ensuring compliance officers have a strong standard to uphold and deliver excellent AML provisions in their firm. At Legal Eye we have collaborations with the right industry partners and the experience across many law firms up and down the country to understand what needs to be done to meet the regulators expectations.’   

The sessions, all held online and for one hour, offer all the essential elements which will be easy to digest covering (mandatory):  

• Roles & Responsibilities in practice – e,g. file reviews, proactive supervision/management, risk assessment  
• Certification & Verification of ID incl. Technology Impact Assessment       
• Source of Funds & Wealth checks – practical considerations . 

Following a scoping call, your firm may decide to focus on some of the following areas:  

• UK Sanctions Regime & OFSI licences – practical considerations         
• Proliferation financing – what might it mean  
• UKFIU – SARs reporting – what to consider        
• Material discrepancy reporting        
• Chinese underground banking        
• Breach reporting requirements to AML Supervisor – practical considerations        
• Dealing with crypto funds – practical considerations        
• Failure to prevent fraud offence – exemptions and reasonable measures, including SRA wider powers to request evidence of fraud prevention measures and potential fining powers to be introduced under Economic Crime and Corporate Transparency Bill  
• Tax adviser activities.  

The role of MLCO/MLRO and the responsibility it holds is coming under more scrutiny by the regulators. The way that the course has been developed, as a one hour recorded session, is there to help build a culture of learning and diligence, not just for the compliance officer but for a firm as a whole.  

To help embed this across a business, following the session held with your firm’s compliance officer(s), a recording and accompanying presentation slides will be provided for wider use at the firm at a later date.  

For more information email [email protected] or call 020 3051 2049