Did you know? The impact of money laundering on the UK annually is reported to be more than £100 billion!
Staff training is a crucial requirement of the Money Laundering regulations as well as to protect your firm from falling victim to a money laundering scam.
Updated with the requirements of the 5th Money Laundering Directive, our ‘Introduction to anti-money laundering and counter-terrorist financing’ Academy module covers all you need to know, including:
- What is money laundering and terrorist financing?
- Why do you need to know?
- What does this mean in practice?
- Your MLRO
- Conducting client due diligence
- Enhanced due diligence for high risk matters
- Source of funds and source of wealth
- Red flags and warning signs
- Reporting your concerns
Our ‘Criminal Finance Act’ Academy module sets out the requirements under the Criminal Finances Act 2017 and includes:
- Background to the Act
- Main offences
- Requirements for procedures to prevent facilitation of tax evasion
- High risk factors
- When to seek advice
- Unexplained wealth orders
Online risk training designed specifically for law firms
The Academy is an online training platform which has been developed specifically for law firms. Covering the essential elements around preventing risk its topics are designed to ensure that all staff receive thorough and effective training.
Don’t forget to look at our Resources tab for extra information as well as our Consultancy Services tab for information about our face to face AML training.
Use our financial crime templates to make sure your firm is up to date and compliant with the latest regulatory and legislative requirements. Our templates are regularly reviewed and updated as necessary when there is a change in regulation, legislation or best practice guidance. Look out for our New and Updated documents which are labelled below.[table “19” not found /]
Browse our selection of supplementary financial crime resources below – we add to these regularly and have lots of new resources currently in development which will be here soon.
***New Webinar*** Anti-Money Laundering update February 2021
Would EVERYONE in your firm spot a
‘red flag’ that would potentially alert you to an attempted crime or fraud?
When was the last time you REMINDED all your staff what they need to do in order to prevent money laundering and to document your firm’s actions to prevent the same?
Has everyone RECENTLY undergone refresher training specifically on AML? Would ALL STAFF pass a test if there was an AML quiz later today?
How would your regulator assess your AML defences if they called in tomorrow?
Work with a Legal Eye Associate who will provide sound knowledge and a selection of practical solutions for your firm to comply with ever-changing regulatory framework. Browse our paid-for consultancy services below and get in touch if you have any questions or require more information
File reviews are a critical part of any firms’ compliance regime.
Thorough and regular peer review of a random selection of files demonstrate that a firm’s processes and procedures are working.
Employing Legal Eye to carry out independent file reviews introduces an extra layer of objectivity and neutrality to the process and frees up time for your staff.
Our team will review files at your offices and offer constructive suggestions about potential changes that could be made to improve quality and drive efficiency at your firm.
Acting as your ‘professional friend’ we’ll not only reduce the legwork involved in this time-consuming aspect of risk and compliance but we’ll bring a fresh perspective and constructive approach to continually improving your risk and compliance systems.
AML Gap Analysis
The details of the one day on-site AML Gap Analysis are as follows:
Legal Eye will assess the compliance of your firm’s policies controls and procedures against the MLR 2017 and will identify any action you need to consider in conjunction with the following:
. Risk based approach
. Customer due diligence
. Source of funds and source of wealth
. Suspicious activity reporting
. The documents we will need to review include:
. Compliance plan
. Risk register
. AML policy
. Reg 18 Firmwide Risk Assessment
. Matter Risk Assessment templates and forms used with clients
. Client Care & Terms of Business Documents
. Data Protection Procedures as far as they relate to AML and CDD Retention
. Learning & development plans
. Review of a selection of files
. Interviews with a small selection of staff
Included as part of your AML Gap Analysis is a comprehensive written action plan confirming the suggested corrective action required.