Effective Training for Anti Money Laundering (and anti terrorist financing)

The SRA have demonstrated by their prosecutions, that even where there has been no actual money laundering that they will take regulatory action. The impact of a finding goes beyond the fine, the reputational damage, the opportunity cost and so on are significant. This is why effective training for AML compliance is essential.

We've all sat through webinars where the presenter walks you through the principal offences, their elements and so on, has images of £10 notes on a washing line but how often have you completed the quiz, given the feedback and thought 'If a client was laundering money I would now be able to spot it?' This training is different. It is interactive, a combination of scenarios, seminar style discussions and worked examples it gives your staff the skills and knowledge they need to spot something that is untoward.

Criminals are better at being criminals than you are.

Crime generally moves ahead of enforcement, particularly financial crime and money laundering. There are still the "good old classics" for money laundering, but as with everything technology and innovation is as much a feature of the criminal world as the legal sector.

The Importance of AML Training

Effective AML training is not just a regulatory requirement it makes good business sense. Well trained staff reduce the noise to signal ratio and only refer matters which need further consideration for reporting to the National Crime Agency.

We have two courses, one for 'standard' roles and an enhanced course for those working in high risk practice areas, namely transactional matters, private client and related fields. Our standard course is two hours and our enhanced course is four hours, both delivered in person and on site.

Our standard course includes

• How money laundering works in practice,

• The signs of when a client may be involved in money laundering

• How to ask the right questions to address your concerns

• What are indications of terrorist financing

Our enhanced course includes the above and

• Two case studies,

• Practical exercise,

• The use of sham litigation,

• Effective risk assessments and responses,

• 'writing up' your assessment.

  
  

Training the MLRO

A bespoke course including the enhanced AML training, reporting to the NCA, managing cases when awaiting a 'defence against money laundering' and related subjects.

Final Thoughts

Effective AML processes are not about 'forensic accountancy' or being able to demonstrate where each and every pound your client has came from, it's about being able to demonstrate that you meet your professional obligations. Your time and resources are limited, don't spend them on training packages that fail to deliver, focus on your exposure to regulatory risk and take the 'prevention is better than cure approach'.