Legal Eye have launched a new course for CLC regulated firms.

The CLC’s Risk Agenda in the summer highlighted the need and clear demand for enhanced AML training with their AML update in 2022 highlighting that 68% of non-compliant CLC-regulated practices also had inadequate PWRAs that year.   

Compliance with AML regulations is not going away, running a firm is hard and staying compliant in a complex and increasingly demanding environment is a juggle for most. This summer saw the CLC release their updated Risk Agenda and, in light of its findings last year, and it placed a keen eye on the need to ensure that: 

• The new risk assessment must be considered as part of their Regulation 18 PWRA. 
• Firms demonstrate a practical recognition and understanding of the risks involved. 
• Recognising the importance of distinguishing between clients. 
• Reporting officers are responsible for evaluating their respective risk assessments. 
• Integrating enhancements aligns with the CLC’s stipulated criteria.  

Speaking about latest in a line of recent new courses, 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.  

‘We know that the world is getting more demanding and with it vulnerabilities are exposed. Both for clients and for practitioners. There are some common core elements required by regulators 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 training will be delivered live, interactive and exclusive to your firm and 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 and CLC Checklist and guidance.  

An initial ‘scoping’ call will be scheduled to agree key focus areas to build a framework for the training based around the following content to be discussed:  

• CLC AML Annual Report findings and what they mean for practices 
• CLC AML Sector Risk Assessment 
• CLC Risk Agenda – emerging risks and threats  
• 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 potential fining powers to be introduced under Economic Crime and Corporate Transparency Bill  
• Tax adviser activities.  

A copy recording of the webinar and presentation slides will be provided to all registered staff members, which can also be issued to those unable to attend allowing you to complete their training at a later date and remain compliant with requirements to ensure all staff receive updated training.  

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. 

Book an initial call with one of the team today to find out more [email protected] or call 020 3051 204