AML – Sanctions, Fraud and Other Developments [2024]

PLEASE NOTE: This SRA Webinar will be viewable from 20th March 2024.

As the SRA maintain their unremitting pressure on law firms to ensure we are doing all we can to counter money laundering, terrorism and proliferation financing, the AML regime continues to intensify. With increased attention focussed not only on practice-wide risk assessments, client and matter risk assessments, source of wealth and source of funds enquiries (and increasingly the obligation to get corroborative proof of what we are told) as well as paying special regard to the sanctions position generally, the burdens on us all continue to mount. Couple that with a six-figure fine imposed on a major law firm for failing to carry out things properly in matters undertaken in 2017 and 2018 and the future looks grim indeed.

This seminar will explore:

• Regulators’ investigations – key enquiries and things to focus on
• Key financial crimes, including sanctions list guidance and counter proliferation financing
• Key PoCA duties and legislative risks
• Overlaps with frauds and scams; new provisions in the Economic Crime Act 2023
• New NCA Suspicious Activity Reporting portal
• Risk assessments of clients and matters – key inclusions
• CDD – the key aspects:
  • Getting the key documentation
  • Vetting the key documentation
  • Source of wealth and funds investigations

Other considerations – high-risk countries, PEPs & ongoing monitoring