AML for Legal Professionals - Red Flags & Warning Signs

Introduction

The Money Laundering Regulations 2017 require you to be aware of money laundering and terrorist financing risks in your business. The Proceeds of Crime Act 2002 (POCA) makes it a requirement to report your knowledge or suspicions of money laundering to the Money Laundering Reporting Officer (MLRO) who may then report to the National Crime Agency (NCA).

Money launderers are always looking for ways to update and improve the way they work. They are always out to get one step or two in front of you. Legal professionals are a target for the money launderer so it is important for you to keep alert to try to protect your business.

Section 18 of the Legal Sector Affinity Group (LSAG) guidance gives us over 200 Red flags and warnings signs to be aware of. You can then take these into consideration when undertaking your risk assessments on clients and their matters.

The red flags and warning signs make you stop, think and ask further questions of your clients - Does this make sense? Do you need to see further documentation? Do you need to ask further questions to be alert and stop the criminals?

What You Will Learn

This one hour eLearning course will take you through a selection of the red flags and warning signs in the LSAG guidance including:

• An introduction to section 18 LSAG guidance
• What do I need to do if a red flag or warning sign arises?
• Red flags and:
• the client
• the source of funds and source of wealth
• the nature of the transaction
• trusts and administration of estates
• property work
• the choice of lawyer
• Final quiz and assessment