With the proposed changes to AML rules and regulations released earlier this month, Managing Partner's new Anti-money Laundering Compliance for Law Firms report could not have come at a better time.
This must-have guide for all MLROs, lawyers and law firm leaders presents the most up-to-date best practice advice to ensure you understand your obligations and remain compliant.
Leading experts, Susanna Cogman, John Taylor and David McCluskey shed light on the key issues for law firms contained within the AML rules, and counter-terrorist financing sanctions regimes - and how to tackle them successfully to ensure you're firm is not caught-out.
Topics covered include:
- Solicitor's obligations in relation to money laundering and terrorist financing suspicions;
- The forthcoming changes to the anti-money laundering regime; the European Commission's proposals for a fourth money laundering directive and the changes most likely to affect your firm;
- Legal client privilege exemptions - Where they might apply and how to navigate this complex area;
- How to identify early warning signs regarding suspicious client activity and due diligence;
- Procedures for dealing with politically exposed persons (PEPs);
- The impact of the Bribery Act 2010 definition of 'adequate procedures' and how these equate to AML procedures established by law firms;
- On-going monitoring of clients' circumstances; and
- How to develop a culture of ethics and compliance within your firm.
'What not to do' - High profile, current case law examples of convicted lawyers and lessons learned from the financial services sector demonstrate how to avoid the enormous penalties handed out for non-compliance.
Advice is also provided on dealing with the Serious Organised Crime Agency - The powers that can be exercised by investigators to obtain information under compulsion, and how you should respond.
Don't be left behind when it comes to best practices in anti-money laundering compliance.
Chapter 1: Review of the current anti-money laundering landscape
Chapter 2: The revised FATF Recommendations and the proposed Fourth EU Money Laundering Directive
Chapter 3: Client due diligence – Identifying high risk clients and suspicious activity
Chapter 4: Navigating the counter-terrorist financing and sanctions regimes
Chapter 5: The complexities of legal professional privilege as it applies to money laundering and terrorist financing suspicions
Chapter 6: Lessons learned – Recent cases
Chapter 7: Law enforcement
Chapter 8: Developing a culture of compliance
Chapter 9: Politically exposed persons and client monitoringCheck our Executive Summary and full table of contents here