Anti-Money Laundering Client Due Diligence – A Practical Session
Effective client due diligence is key to the fight against fraud and money laundering. This practical, scenario based session allows staff to develop their understanding of why we run client due diligence checks, what we are looking for, and how this meets firm obligations under the Money Laundering Regulations 2017.
In this session, participants will tackle a facilitated case study. They enter an established large law firm. They are given a joining lecture which outlines their responsibilities regarding money laundering. They work in teams on-boarding clients, and dealing with cases with instructions coming in from different clients. Can they spot the AML warning flags and take appropriate internal action?
Participants are supported to develop their understanding of common warning flags and frauds, with mocked up e-verification reports, and case files to read and react to, and reporting procedures. Groups are asked to present back their findings on the warning flags they have spotted to the rest of the group.
Suitable for anyone wanting a practical anti-money laundering session, the delegates will cover:
- Client due diligence, enhanced due diligence, and simplified due diligence content in the Money Laundering Regulations
- Reporting requirements
- Politically exposed persons
- Designated persons and the Treasury Sanctions List
- Checking source of funds
- Persons of significant control
- E money
- Common frauds and warning flags.
This is a participative session, and delegates will be expected to work in groups, and encouraged to present their findings to the rest of the session. Delegates will be offered tips and hints on speaking and presenting information, and the presentations will be delivered in a supportive environment.
Case studies will cover warning flags from a range of different legal areas including conveyancing, family and litigation, and delegates from any legal background are welcome.
This article was submitted to be published by Legal Eye as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.