As a regulated sector captured by the requirements of the 2017 Money Laundering Regulations, law firms have a statutory responsibility to take steps to detect, prevent and report money laundering and the financing of terrorism.
A vast amount of time and resource can be spent discharging a firm’s KYC and due diligence responsibilities, with the ever-present risk that an inadvertent act or omission may lead to criminal or regulatory action further down the line.
We can help your firm to:
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Identify and articulate the risk of money laundering as part of a Firm Wide Risk Assessment
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Understand current money laundering risks and threats
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Recognise money laundering when you see it
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Make decisions and take action to reduce and mitigate the risk of money laundering
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Understand when and how you should submit a Suspicious Activity Report (SAR) and when it is unnecessary or unlawful to do so.
We have recently engaged Laurence to undertake a series of training courses for our whole team, updating us on changes and developments in the Anti Money Laundering arena. Laurence has presented the courses in an engaging, interesting and informative style. His wealth of experience in this area has meant he has been able to provide real life experiences and examples which has really helped to bring the legislation alive and help our team apply the rules to real life and the client base of PEM. The feedback from the courses has been superb, with team members commenting they found it engrossing and as a firm we are delighted to have satisfied all our objectives for the training. We have engaged Laurence to undertake further training on a cyclical basis.
Kelly Bretherick
MLRO, PEM Chartered Accountants
The Criminal Finance Act 2017 (CFA17) received Royal Assent in April 2017 and began to come into force on the 30 September the same year, with a rolling programme of measures designed to strengthen the ability of law enforcement agencies to tackle fraud, tax evasion and the movement of criminal cash and assets. The story…