Enhanced AML Training - SRA Regulated Firms

Enhanced AML Training for SRA-regulated firms

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.

About the training

The sessions, all held online and for two hours, 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 way that the course has been developed, as a two 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.