Anti-Money Laundering Compliance for Law Firms 2018Since the implementation of the 4th Money Laundering Directive in the UK last June and the Criminal Finances Act on 30 September 2017, legal professionals with anti-money laundering reporting responsibilities have required more clarity about the practical applications of these laws. This conference will provide you with essential updates from The Law Society in order to help you strengthen your current processes.
In association with:
09:00 Registration and refreshments
09:30 Chairperson’s opening remarks
Stephen Gentle, Partner, Simmons & Simmons
09:40 AML: Legal Sector Affinity Group
- Pooled account provisions
- Customer due diligence: clarification on client accounts
- Requirements for screening of employees
- Update: 5th amending directive
Amy Bell, Director, Amy Bell Compliance and Chair of the Money Laundering Task Force, The Law Society
10:25 Simplifying Know Your Client (KYC) and anti-money laundering (AML) using technology
- What the regulations say about Electronic Verification and utilising technology
- Enhanced Customer Due Diligence (CDD) - sanctions, politically exposed persons (PEPs) and ongoing monitoring
- AML and KYC challenges faced within the legal sector
- Tools available to assist with the challenges of AML and KYC in the workplace
Steven Taylor, Head of New Business, SmartSearch
11:00 Morning coffee break
11:20 Criminal Finances Act: Failure to prevent tax evasion
- HMRC guidance notes – explanation and impact
- Strict liability defence – understanding what's available
- What training is needed?
Jason Collins, Partner - Head of Litigation, Regulatory & Tax, Pinsent Masons
12:00 Cybercrime and anti-money laundering
- Common vulnerabilities and exposures
- Look out for the warning signs of fraud
- Conducting a cyber risk assessment
Stuart Peck, Director of Cyber Security Strategy, ZeroDayLab
12:40 Effectively using technology as part of your Know Your Client (KYC) process
- How technology can positively contribute to AML compliance
- What are the products and which should you select?
- Getting the best out of your new services
Barry Vickery, General Manager of Corporate Services, InfoTrack
13:00 Networking lunch
14:00 AML and processes: Regulation 21 (Internal controls)
- Staff screening and interaction with size of practice
- Board level and named individuals
- Internal audit function, what does it mean?
Sue Mawdsley, Partner, Legal Risk
14:40 Session details coming soon
15:20 Afternoon networking break
15:40 Options for independent audit function of internal controls
- Pros and cons of internal vs external auditor
- What would an ideal auditor look like? Traditional audit or privileged report?
- UK requirements vs regulators in other jurisdictions
- Maximising the benefit of the audit report
- Lessons learned from voluntary audits
Sarah Mumford, Solicitor, Legal Risk and Compliance Specialist
16:15 Sanctions update
- Office of Financial Sanctions Implementation – guidance August 2017
- Policing and Crime Act 2017: update and practical considerations
- OFSI: Monetary penalties for financial sanctions breaches
- SRA: Frozen asset list (September 2017)
Susannah Cogman, Partner, Herbert Smith Freehills
16:50 What are the challenges of ongoing monitoring of customer due diligence (CDD)
- Revisiting customer due diligence, knowing your customer
- Reviewing providers and procedures
- Overcoming the tensions between GDPR, AML and CDD
- Developing a basic control for risk and governance
- Providing evidence and showing your working
Moderator: Coming soon
Sarah Lucey, Head of Risk and Compliance, Weil, Gotshal & Manges
Tania Longva, Head of Risk and Compliance, Reynolds Porter Chamberlain
Stuart Peck, Director of Cyber Security Strategies, ZeroDayLab
17:20 Chair's closing remarks
Stephen Gentle, Partner, Simmons & Simmons
17:30 Close of conference
Since the implementation of the 4th Money Laundering Directive in the UK last June and the Criminal Finances Act on 30 September 2017, legal professionals with anti-money laundering reporting responsibilities have required more clarity about the practical applications of these laws.
Returning in February 2018, Anti-Money Laundering Compliance for Law Firms 2018 will provide you with essential updates from The Law Society in order to help you strengthen your current AML processes and ensure compliance within your firm.
The 2018 agenda will also tackle the ongoing challenges of customer due diligence (CDD) in light of upcoming GDPR requirements. How should client data be managed in order to satisfy the requirements of both laws?
- Gain essential updates from The Law Society on recently published guidances notes
- Get answers to your questions concerning the practical implementation of the 4th Money Laundering Directive
- Explore the ongoing challenges associated with customer due diligence (CDD) processes and the need to comply with GDPR from May 2017
- Identify your AML vulnerabilities and protect your firm from cybercrime
- Get practical advice on how to train your staff effectively to prevent tax evasion
- How are you ensuring your firm complies with Regulation 21? Find out all you need to know
- Stay updated with developments in sanctions
Hear from AML experts, including:
- Amy Bell: Chair of the Money Laundering Task Force
- Sue Mawdsley: Partner, Legal Risk
- Jason Collins: Partner - Head of Litigation, Regulatory & Tax, Pinsent Masons
- Susannah Cogman: Partner, Herbert Smith Freehills
Who should attend?
This is a must-attend event for Money Laundering Reporting Officers based in law firms, directors or heads of compliance, directors or heads of risk and managing partners or CEOs at legal services businesses.
Now in its 14th year, this year programme has been designed to help you gain clarity on how to practically implement new AML provisions, and ensure your firm is compliant.
Early Bird Rate
£645 +VAT per delegate. Save £100 when you register before 5 January 2018