AML & Client Due Diligence - 6 Essential Modules for Law Firm Support Staff

Introduction

This boxset of 6 x 30-minute online modules presented by Trevor Hellawell will be of interest to anyone who works in a support team within a law firm and who frequently has the task of undertaking CDD on clients.

What You Will Learn

This modular webinar series will cover the following:

Module 1 - Financial Crimes

This module studies the increasing range of financial affairs that might affect a law firm. Money laundering is an important, but by no means the only, consideration to bear in mind. The list keeps getting longer.

This module will include the following:

• AML/Mortgage Fraud - increasing penalties for breaches
• Counter-Terrorist Financing
• Sanctions update - latest thinking
• Counter-proliferation financing
• Accounts Rules - might we be prevented from holding client funds?
• Bribery and tax evasion
• Fraud avoidance - new rules in force from September 2025
• Cybercrime - AI enhancements and other issues

Module 2 - What is ‘Money Laundering’?

This module will discuss how easy it is to become a money launderer. The definitions in the law are complex and wide ranging and catch everyone from the Russian kleptocrats to the local tyre-fitter.

This module will include the following:

• The official definition
• The practicalities
• Who is not a money-launderer
• Effects of the law on small and medium-sized firms
• What the regulators say
• Overlaps with terrorism and counter-proliferation financing
• Overlaps with sanctions provisions

Module 3 - AML - The Law

This module will consider the criminal offences that make up the law, and what the punishments could be if you get it wrong. It will also consider what steps to take in order to prevent being prosecuted and going to jail. There may be some surprises there.

This module will include the following:

• The offences we could be committing
• Principal offences: subjective tests
• Ancillary offences: objective tests
• Tipping off
• How can we avoid going to jail
• What should we do if we have a concern?
• When should we be suspicious?
• Reporting our suspicions
• What do we do if we are still worried?

Module 4 - The Regulations - What Exactly Do I Have to Do?

This module gets to the heart of the things that support staff actually need to do when a client contacts a law firm.

It considers the exact requirements of client due diligence - what is required and when - and further considers the ways to get the information more quickly and securely in the future. With regard to entities, it will discuss the implications of discovering who the key individuals are who are pulling the levers from behind the scenes.

It will also discuss source of wealth and funds enquiries, too - though who should be enquiring about such matters is something for the firm to decide.

The module will include the following:

• CDD - what do I need?
• CDD - how do I get it?
• Special rules on corporations, entities, trusts and others
• Whose heartbeat are we serving?
• Source of wealth enquiries - do I need proof of what I am told?
• Source of funds enquiries - do I need proof of where the funds are?

Module 5 - The Regulations - What Extra Steps do I Need to Take and When?

This module will discuss the extra steps you need to take at either end of the spectrum of CDD enquiries. For some clients you can take simpler steps but, for others, much more would be required. It will also discuss what steps exactly have to be undertaken by those involved in the CDD process.

Do we need proof of the truth of what we are told?

This module will include the following:

• Simplified CDD
• Enhanced CDD
• When do I have to do more?
• High-risk jurisdictions - amendments to the Regulations
• Politically exposed persons - who are they?
• Eradication of false positives
• Extra corroboration of source of wealth and funds
• Other factors to bear in mind

Module 6 - The Critical Bit - Ongoing Monitoring

This module will discuss the other aspects of AML duties apart from the proof and verification of identity, source of wealth and funds.

This module will include the following:

• The duty of ongoing monitoring
• What it means in reality
• Have the courage to ask questions
• How to keep the firm and fee-earners on their toes
• How do you prove you are doing it?
• Know your client
• Know your transactions

This pre-recorded webinar will be available to view from Friday 7th February 2025

Alternatively, you can gain access to this webinar and 1,700+ others via the MBL Webinar Subscription. Please email webinarsubscription@mblseminars.com for more details.