Information on money laundering regulations (anti money laundering regulations) and anti bribery and how these affect lawyers, including training resources
and consultancy services available on this topic.
Guidance Online relating to Anti Money Laundering Regulations
The Law Society
has a section on this topic with practice notes and advice and the latest news.
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.
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.
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.
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.
Here are some useful links relating to money laundering regulations
Courses Online relating to Anti Money Laundering Regulations
ML Solutions 4U Ltd specialises 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 learning course and awareness test.
Socrates Training provides online training on
- anti-money laundering
- anti-bribery
- the new SRA Code of Conduct.
All services also include precedents, and an updating service. CPD accredited.
Launched in 2004, Socrates has many hundreds of loyal subcribers from large City of London firms,
to sole practitioners.
Software and Consultancy Services relating to Anti Money Laundering Regulations
BHIS Limited well known for its popular company secretarial software, "PC Share Register Plus"
have released a new software product "Anti Money Laundering Compliance Plus" that deals with the whole raft of AML compliance. The software eases the
burden of AML compliance by guiding firms as to exactly what needs to be done and when and includes optional inbuilt electronic ID checks.
You can find out about the software and download an evaluation copy from
Anti Money Laundering Compliance.
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.
MLRO Support Ltd. offers support to MLROs,
particularly those in professional firms. The key resource is that members may email
up to 4 questions each month for individual emailed reply within 24 hours.
Membership costs 30 per month. The company is run by David Winch, a forensic accountant
and expert on this topic. He is the author (jointly with Janet Bazley of Lincoln's Inn) of
"Money Laundering for Lawyers: the new requirements and their practical implications"
published by Butterworths.
David Winch also runs a company called
Accounting Evidence Ltd consisting of
forensic accountants specialising in crime and proceeds of crime, including restraint,
confiscation and civil recovery proceedings under the Proceeds of Crime Act 2002 and earlier legislation.
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.
