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For non-subscribers and all other plan subscribers, access can be purchased separately.
Results
Impressive. Take a bow. You answered all questions, correctly. Test your knowledge and have a go at some of our other online quizzes.
Unfortunately, you’ve not passed. Consider booking on to this training workshop to further your knowledge.
#1. Section 18 of the Legal Sector Affinity Group (LSAG) guidance covers red flags and warning signs for us to look out for regarding AML and CTF. If we have red flags and warning signs come up we are not allowed to take on the client:
#2. The three principle money laundering offences are found in the Proceeds of Crime Act 2002 (POCA). In which sections can we find these offences:
#3. Under the Proceeds of Crime Act and the Money Laundering Regulations all regulated businesses must have a nominated officer or MLRO. What do the initials MLRO stand for
#4. The MLRO will receive internal suspicious activity reports and then make their report, if necessary, to:
#5. In law firms that are transactional, the MLRO will submit suspicious activity reports often asking for a Defence Against Money Laundering (DAML) or consent to proceed. When they have been received the NCA have how many days to respond (notice period):
#6. If the NCA refuse to give us a DAML on day five of the notice period, we enter into what is known as the moratorium period which is up to:
#7. The Money Laundering Regulations 2017 (MLR) made it a legal requirement that all regulated businesses must have a firm-wide/practice wide risk assessment on AML and CTF. Which regulation does this fall under:
#8. Most law firms now use electronic ID and verification tools as part of their client onboarding. These tools are there to help you:
Fundamentals of Anti-Money Laundering
Speaker: Jo Morris
Length: 2 Hours
Published November 23, 2023
Last Updated on November 24, 2023
Who is this training for?
The Fundamentals of Anti-Money Laundering online training workshop is for Solicitors, Lawyers, Accountants, Compliance Officers, COFA, COLP, MLRO, MLCO, Legal Accounts Professionals, Legal Cashiers, business support and anyone new to the legal profession that has any involvement in compliance and anti-money laundering.
Purpose of this training?
Our responsibilities under the Money Laundering Regulations (MLR) are growing and changing all of the time. Many people in different departments in law firms are finding themselves involved in trying to stop criminals using us and our firms to launder the proceeds of crime. The SRA are very proactive in their fight against Anti-Money Laundering (AML) and are visiting firms undertaking audits to look at our approach to dealing with Anti-Money Laundering and Counter-Terrorism Financing (CTF).
This online training workshop is designed to give an introduction to Anti-Money Laundering and Counter Terrorism Financing in the legal sector. It is ideal for new starters, those returning to the legal profession and as a refresher for those who want to remind themselves of the key points.
This live and interactive session will cover the following:
- Introduction
- What is AML and CTF
- Who launders money and why do they use the legal sector
- Key legislation – Proceeds of Crime Act 2002 (POCA) and the Terrorism Act 2000 – what are the principal offences
- Risk assessments we must have in place
- Key regulations around
- Client Due Diligence (CDD)
- Enhanced Due Diligence (EDD)
- Simplified Due Diligence (SDD)
- Politically Exposed People (PEP)
- Source of funds and source of wealth
- High risk jurisdictions
- The Money Laundering Reporting Officer (MLRO) and Money Laundering Compliance Officer (MLCO) – their role and responsibilities
- Reporting of suspicions and the National Crime Agency (NCA)
- The SRA’s position
Practice notes and training sessions represent the Association of Legal Compliance & Accounts’ view of good practice in a particular area. They are not intended to be the only standard of good practice that firms can follow.
Practice notes and training sessions are not legal advice, and do not necessarily provide a defence to complaints of misconduct or poor service. While we have taken care to ensure that they are accurate, up to date and useful, we will not accept any legal liability in relation to them.
Frequently Asked Questions
Why Online
It’s really simple:
- Reduced cost
- Can be taken anywhere on any device – no travel time or cost
- Shorter and more efficient than face-to-face
- Live and interactive
- Recorded and can be replayed at your leisure
Online – the Cons?
At present, many training providers are offering online training services, under the guise of webinars – some live, some pre-recorded. The live mainly consisting of the trainer talking with little or no engagement with the delegate – this is a common perception as to what a webinar is. For some, this can feel very lonely and isolated. It requires strong, self-motivation and time management skills. The learner’s mood is exceptionally difficult for the trainer to read – a good trainer will read body language within the room. Also, if you have a technical issue, then accessing the online learning resources can become difficult. Where there is no accreditation, the quality of the course content can come into question.
Preview
Depending on your subscription and the length of the workshop, the pricing is as follows:
Our online workshops are delivered via Zoom. You can access the session via your computer, tablet or mobile device.
Details on how to join the online session will be provided the day before the training goes live.
We recommend you run a system test and check your internet speed by clicking HERE.
If your firm prevents you from using Zoom, please contact us.
There is no requirement to attend live but we advise that you do where you can as this will be the best experience for you. Don’t forget, you can pose questions live to the trainer and join in with the interaction when you attend live. Also, be mindful that you have access to the recording for 30 days, after which, it will no longer be available.
Not at all. We prefer it if candidates do as it makes the training more engaging but it is not mandatory to turn your camera or microphone on during the training session.
If you don’t have a microphone, you can still pose questions using the chat facility.
