Money Laundering Regulations and Compliance generally

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Money Laundering Resource

Protect yourself from compliance risk. Interactive e-learning with automatically recorded assessments or DVDs and printed booklets to build your compliance training. Use our Money Laundering Officer's Practical Handbook, 2017.

News, December 2014.... Law Society Warning notice on money laundering and terrorist financing

  • Warning notice on money laundering and terrorist financing gives guidance on what to look for in terms of the client, the source of funds and the nature of the transaction.
    My thanks to Bill Jones of JMW for this information, in the LinkedIn Solicitors Anti-Money Laundering Group. This is a useful group to join!

    News, December 2014.... Law Society Guidance relating to Bowman V Fels

  • Matrimonial Property Challenges is a guidance note from the Law Society on this topic relating to the judgment in Bowman v Fels (2005) EWCA Civ 226 and the practical consequences of dealing with matrimonial assets which may involve the proceeds of crime.

    News, August 2014....New body formed for Compliance Professionals

  • A new membership body for risk and compliance professionals, the Legal Compliance Association, has been launched following a resounding call for the Solicitors Regulation Authority to issue further guidance on outcomes focused regulation (OFR) and resolve unanswered questions. This new body is open to anyone with an interest in legal compliance, whether they are working for a traditional law firm, alternative business structure or an in-house legal department. The goal of the LCA is to promote year round networking, expertise and learning within member legal compliance functions. It includes optional quarterly online competence assessment for members' audit trail plus access to a unique online secure material breaches forum.

  • The Law Society has a section on this topic with practice notes and advice and the latest news. The site is updated frequently and there is also a monthly newsletter with ongoing developments.

  • Here are some useful links relating to money laundering regulations

  • 192business (part of Experion) are experts in ID checking to prevent fraud, money laundering and ID theft, and also to detect underage customers, to screen employee backgrounds and to locate lost customers. They help organisations face these challenges and deliver not just the technology but also offer the expertise they have gained since they started trading in 1996. Their customers come from the legal market but also from ecommerce, egaming, financial services, money transfer, card issuing, insuring, and the public sector. 192business has been selected as Preferred Supplier for Identity & KYC Checking by the Law Society.

  • Legal Finance Professionals Limited (LFP) provides SRA accredited CPD training courses to the legal sector offering a full schedule of public courses throughout England & Wales or via in-house training. The courses cover a range of regulatory and compliance topics including SRA Accounts Rules, SRA Handbook, Acting as a Compliance Officer for Finance and Administration (COFA), Acting as a Compliance Officer for Legal Practice (COLP), VAT for Solicitors and Money Laundering Regulations 2007. You can opt in to receive information about new courses as they become available. The company also offers advice and guidance to firms of solicitors on regulatory compliance issues ranging from a full SRA Compliance Health Check inspection to assisting firms or individuals who find themselves in difficulty with the SRA.

  • KYC360° is an online anti-money laundering community for AML professionals to share their experiences and to provide tools and resources that help them in their roles. Based in Jersey, the group has over 3,000 members in over 109 countries. Members come from financial services and also include regulators and financial intelligence units, prosecutors, trusts, banks, insurance firms, hedge funds, lawyers and accountants. The site includes articles, hot topics, news, videos and two free products. One of these is called RiskScreen which scours OFAC and HMT sanctions lists and then searches the internet using pre-defined keyterms looking for political and criminal connections. Users can select name manipulation which will add in known name variations and also look for a name in reverse order (this helps pin down entities who may appear on an Interpol list for example). Users can mark results as they browse and hold a record of the results at the end of their searches.

  • Legal Risk LLP (Solicitors) have a section on their site devoted to money laundering, including links to relevant case reports, a report on Money Laundering Compliance for Defendant Insurance Solicitors, information on a book called Money Laundering Reporting Officer's Handbook: A Guide for Solicitors and a comprehensive set of links to organisations, guidance and resources related to money laundering. There are also some current cases relating to this topic.

  • LexisNexis offer anti-money laundering expertise including BSA information and compliance tools and methods. They offer analytics that increase a user's ability to reduce exceptions and clearly understand risk in the customer base. They also provide solutions for enhanced due diligence that help identify priority of those risks. Their solutions integrate into the user's own systems to provide these facilities.

  • ML Solutions 4U Ltd has been set up by Manchester law firm JMW to provide anti-money laundering solutions to the legal profession. The services offered include on-line compliance training, in house training, seminars, AML systems set up and general guidance. In addition the company, in association with CallML, offers help to solicitors on the use and viability of electronic ID verification via the internet. They specialise in providing Anti-Money Laundering training and solutions to companies to whom the UK Money Laundering Regulations regime and international anti-money laundering controls apply. This includes the professions, trust companies, banks and other financial services organisations in the Regulated sector. Bill Jones is the Managing Director of ML Solutions 4U. He is also the Managing Partner of JMW Solicitors LLP a major UK law firm and a member of the Law Society’s specialist anti-money laundering panel. He has helped organisations all over the UK to set up compliant and cost effective systems and he regularly provides in-house and external AML training.

  • Money Laundering Resource offers a very wide range of AML training materials relating to the UK and worldwide. There are DVDs, interactive e-learning with automatically recorded assessments, and printed booklets, to build into a firm's own compliance training programmes. MLROs can demonstrate compliance via system records as lawyers earn CPD points for completing the anti-money laundering/anti-bribery learning course and awareness test.

  • Socrates Training provides online training for all compliance needs:
    - anti-money laundering
    - SRA Code of Conduct
    - anti-bribery
    - equality and diversity
    - SRA accounts rules
    There are PSC electives on nine subjects including commercial property, corporate, litigation, employment and contract. COLP & COFA service provides compliance partners with what they need to meet their obligations. CPD accredited. Socrates has over 1000 loyal subscribers from large City of London firms, to sole practitioners.

  • Wincanton Records Management are a leader in offsite storage solutions, enabling companies to comply with money laundering legislation through the management of secure financial documentation. Wincanton RM eliminate the risk of data fraud by storing confidential documents securely.

  • The Serious Organised Crime Agency (SOCA) is a new law enforcement agency created to reduce the harm caused to people and communities in the UK by serious organised crime. In April 2006, it took over the functions of the National Crime Squad (NCS), the National Criminal Intelligence Service (NCIS), the role of HMRC in investigating drug trafficking and related criminal finance and some of the functions of the UK Immigration Service (UKIS) in dealing with organised immigration crime. SOCA is commencing Sector Specific Seminars for Money Laundering Reporting Officers and details of these will appear on the site.

  • The International Bar Association's Anti-Money Laundering Forum website provides access to the most current versions of each EU member states anti-money laundering laws and regulations, direct links to national anti-money laundering authorities information websites and a large amount of related information. The Forum has already expanded the website to cover the 15 accession countries and is in the process of adding all significant jurisdictions around the world. The IBA's main website is here.

  • The Institute of Money Laundering Prevention Officers (IMLPO) was set up in 2001 for the UK's anti-money laundering community and is a broad, cross-representative forum of AML practitioners. It provides a safe environment in which members can share experiences of and opinions on the day-to-day business of combating money laundering. IMLPO has recently broadened its membership beyond financial institutions, to include practitioners from the whole anti-money laundering community. There are now over 160 members, not only from banks, insurance companies etc but also from the new "gatekeepers" such as law firms, gaming companies, accountancy firms and stockbrokers.

  • The Institute of Legal Finance and Management (previously the The Institute of Legal Cashiers and Administrators) provides information and courses, on this topic, although mainly for members only.

    Software with special facilities for anti money laundering

  • Eclipse Legal Systems have provided an automatic link from their case management system Proclaim for online ID and AML checking services from CRIF Decision Solutions. This integration enables users to request 'one click' ID and AML checks, directly from the Proclaim user desktop. Users select the type of search required (ID or AML) and enter details of the subject and then search results are returned directly to Proclaim, embedded within relevant client fields and the file history.

  • DPS users can carry out ID and Anti Money Laundering (AML) checks with one click straight from their case management system which then links into the data of AML verification specialist SmartSearch. A clear PASS or REFER result comes back in seconds and the resulting certificate is saved against the corresponding matter in the DPS system. The document outlines the data used to calculate the result (the data has been collected from multiple independent sources) which can be printed or downloaded as a PDF. DPS users can carry out Know Your Customer (KYC) and Customer Due Diligence (CDD) checks for each of their new clients and the search can be repeated as many times as required, should circumstances change. The system also provides an “Alerts Service” that triggers an email alert to the Money Laundering Reporting Officer (MLRO) if risk sanctions and warnings have been encountered.

  • Instant Office is software developed for solicitors by solicitors - Scottish Solicitors Kirklands. In early 2008 with the help of The Law Society of Scotland they developed a paper based AML Blueprint that was adopted by over 200 legal firms throughout the UK. The Regulations have not changed since 2007 but they have updated the processes and procedures to reflect changes in AML best practice. Their new online AML Compliance module (accessed online as a "cloud" system) contains a complete package of processes, procedures, training, monitoring and peer review that enables AML Compliance while minimising costs.

  • Lawfusion and MLDirect from Select Legal provides one-click electronic identity confirmation as an integral part of the firm's file set-up procedure. The software can be provided either as part of Select's overall practice management system or as a component to upgrade any Microsoft Windows system. The service requires an "always on" internet connection and an annual subscription.

  • Solicitors Case Management Systems (SCAMS) was designed by former solicitor Terry Frost. One of the modules is comprehensive risk management software which includes many anti-money laundering features for High Street practitioners, to help comply with the new Regulations & the Law Society's updated guidance. Features include:
    * A helpful Client Identification Form to complete upon opening a matter file
    * Timely warnings whenever money is paid into/out of client account
    * A comprehensive, yet uncomplicated Internal Report form
    * Quick & effective notification to your Money Laundering Reporting Officer
    * Warnings to users during the SOCA notice period & moratorium period
    * Automatic generation of the SOCA Disclosure Report Form
    * Automatic storage of documents within a separate money laundering file
    * Easy access to concise training notes.

  • AML Custodian Money Laundering Protection Software from Opsis Practice Management Solutions is a standalone software product for money laundering protection developed by software supplier OPSIS. It is simple to install and set up and is user friendly, with a simple "Getting Started Manual".
    Here is a snapshot of what it can do:
    * Staff training: Using Sentinel will ensure your staff are complying with all AML procedures and store their AML training records.
    * Verifying Client ID: Sentinel automatically prompts you for the correct form of client ID verification.
    * Record-Keeping: All ML information is stored in a central place and it comes with an integrated Xerox Scanner that allows you to efficiently store electronic copies of ID documents.
    * MLRO Reports: Sentinel produces reports of all clients verified/not verified, clients under suspicion, clients blacklisted etc.
    * Raising Suspicions: Sentinel allows any member of staff to generate a suspicion and alert the MLRO quickly and efficiently.
    * NCIS: Automatically produces the NCIS Disclosure Report Form.
    The software only costs £999.00 (+ VAT) for 5 concurrent users and an integrated Xerox scanner (no hidden extras). This is a fully compliant and effective money laundering system at a very sensible price.

  • Web4law provides a range of in-house training courses and webinars on compliance topics, including:
    · Money laundering, terrorist financing and mortgage fraud
    · Equality and diversity
    · The Legal Services Act and the SRA Handbook
    · Client care and complaints handling
    · Data protection
    The company provides a subscription based compliance updating service which incorporates advice on Lexcel applications and SRA compliance programmes. All training is CPD accredited by the SRA.

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